Firstly, page 64 of 72 has a note regarding "SUBSEQUENT EVENTS" which has stated that amendment deed with existing Loan Note holders which was the announcement made yesterday 11th September 2018.
When a facility deed is amended, the compliance for covenant generally will be discussed as well. I don't see why Magy LLC, Pala Investments Ltd and CarVal Investors LLC haven't discussed about the compliance matters when Altura requested US$15 mil more. The first question they would have asked before providing US$15mil would have been "Have you not generated any income?". If answer is "No", following question would be "How about the EBITDA compliance requirement?".
Keep in mind that Jett Capital Advisors LLC and Liquidity Finance LP acted as advisers for the transaction back then, and surely will be involved this time round for discussion and I don't see why someone doing what they do day in day out would miss the discussion for amending the covenant compliance when amending a facility deed.
Firstly, page 64 of 72 has a note regarding "SUBSEQUENT EVENTS"...
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