Do Oaktree still have to go through the receivership process...

Do Oaktree still have to go through the receivership process with the conversion rights they hold? I thought it was only subject to shareholder approval i.e. Oaktree say we elect to convert, BLA call a meeting and put it to a vote, if it's approved then Oaktree convert, if it's not then Oaktree call in the loan.

As for any allegations of bad faith, that will get laughed out of Court. BLA are supposed to expert investment managers, if they cannot identify that the covenants are not in their favour and that a breach may occur at the first testing date, then that is their own fault, no one else's.