29 February, page-52

One piece of evidence is that SGH cannot possibly pay it's debt back and when it falls due on maturity, unless there is a CR. When this was structured back in April presumably back then a CR (or rollover) would have been considered easy to do. But things have changed and rollovers cannot be taken for granted.

Another piece of evidence is face value debt approx $700m to approx $200m market cap equity current. This is not a tolerable sustainable ratio for banks - whether formal covenant or not. Banks are taking too much of the EV risk with poor security and downside exposure but not upside participation.