To some extent, but the lender will not accept to keep lending to SPX if the net cash position is negative... That would be enforced through covenants in the documentation. And likely requires some repayment before it gets there, which is a serious problem. My guess is that they are already having that conversation because SPX is clearly not developing this business activity any more.
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- Ann: Quarterly Activities/Appendix 4C Cash Flow Report
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-152
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