If we assume IFM and the lender are rational,commercial people,...

If we assume IFM and the lender are rational,commercial people, then what this loan says is that the loan is more risky than a junk bond, and shareholders rank after the lender, so the company must be getting close to terminal.

IDM is in the doodoo in my opinion.
I've been waiting for signs of the business getting cranking commercially before investing, and looks like I'll be waiting a long time yet.