debt covenants, page-5

I disagree myself.

The world is in an environment where asset sales are tough.

Refinancing when there is plenty of interest cover is VERY different to "not having the interest cover to refinance!"

If there is no need to sell anything of great importance, I believe/ hope it wont be sold.

My view is that good long term, solid interest paying customers are going to be very treasured customers to the banks - given that they will have LOTS of customers who fall into the latter category - IE - "...not having the interest cover to refinance".

GPT are on any measure a good long term solid interest paying customer.
Im not going to worry about asset prices right now in this volatile time - and Im not sure how stringently any covenants based around asset prices are likely to be enforced. That would be plain bad business by bankers in my view - and they have plenty of bad business already without actively trying to make it worse for themselves.

"Why would you knock off a bloke who owed you money?"
- Mark Moran to Jason Moran in Underbelly