That is a rather pessimistic viewpoint Smitty.Another way to...

That is a rather pessimistic viewpoint Smitty.
Another way to look at the situation is AR1 simply acted a little bit precipitously in their initial announcement of the refinancing package.
My experience with banks & other lenders is they often give prospective borrowers the impression that a financing package has been approved only to find that, when they send the package up the line for final sign off, the higher powers decide they need some further snippets of information prior to granting final approval.
More often than not, if the finance package has reached the stage of "in principle" approval, the requests for additional information by the higher powers are relatively easy to satisfy and simply result in unexpected delays in receiving final approval of the package.
I am quite hopeful that the above scenario is what will play out in AR1's current situation - only time will tell on that front - but I do feel your sentiment of impending doom overstates the peril the AR1 faces