The significant short term upside if its announced there was no...

The significant short term upside if its announced there was no breach of covenant (or even if the consequences are not accelerated default), the long term potential gains from all those delayed starts(immediate value uplift of some assets) and medium term gains from all those delayed exits (performance fees, reversal of devalued loans, reversal of market sentiment creating new growth). Don't forget a lot of people bought at IPO and so didn't loose when selling during the collapse, although there is more risk, the company is much bigger, is priced at 60% lower and has a longer track record.