We finished the day in green, page-288

I'm not sure why people are saying tomorrow is the day, but 31 May is critical.

"Subsequently, the Company completed a waiver agreement with the Administrative Agent under the ABL Facility to defer the financial covenants test period from the twelve months to March 31, 2025 to the twelve months to May 31, 2025, and to waive the Review Event under the terms of the ABL Facility due to the downgrade of the Company’s credit ratings up to April 2025. Pursuant to the terms of this waiver agreement, the Company is required to cash collateralize the outstanding bank guarantees issued under the ABL Facility and the committed availability for revolving loans under the ABL Facility can be restricted at the Lenders’ discretion. In addition, pursuant to the terms of this waiver agreement, the Cash Balance Covenant is reduced by any amount held as cash collateral under the ABL Facility"

"Additionally, there is significant uncertainty in relation to the ongoing availability of the ABL Facility which is dependent on the Company’s ability to obtain further waivers or deferment for the financial covenants test periods beyond May 31, 2025, and the maintenance of the Cash Balance Covenant, or the Company’s ability to amend or replace the ABL Facility on favorable terms or at all."

We haven't heard anything about a further waiver to the covenants test period beyond May 31, and the only thing thats been rumoured is Sev.en buying up the debt to basically call in the debt.

They are leaving it to the 11th hour and its not nice to read about vultures circling. I think people rightly doubt the ability of management to steer the company out of this mess, but there is another possible backstop which is the major shareholder EMG which holds 51% of the company, and would definitely not want to lose control of it at such a dirt cheap price.