$5.7mio is not liquidity. Just forget it. But true that they could not roll their $8.1 or finance it with new DW where eligible (not necessarily 100% of it). So $21mio of cash and receivables, $10mio of which to go to DW, and $3mio burn per quarter. So there is a path where that works, with DW coming online towards June / July and a fast utilisation of funds. then, likely no CR. If they slip again, danger zone.
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