In addition, there's always the doubt of WHY CRDB has rejected...

In addition, there's always the doubt of WHY CRDB has rejected the original SBLC, and whether a replacement SBLC will necessarily lead to drawdown or something else comes up (ie, they don't want to, or don't have the funds).

Part of this is on WKT management though - the loan agreement clearly was vague and gave CRDB wiggle room on interpretations. That the critical aspect of the final, but also the most costly CP was left to the last minute put the company against the wall since June. Company was on the record suggesting the reason for the delayed draw down is to delay the interest grace period to maximize the value of debt. Whether that is actually true or just a convenient excuse given the pattern on security back and forth with the bank has been apparent for some time, I do not know, but is a case study in risk management. Just because there is low hanging fruit if everything goes to plan doesn't mean it is the most critical thing, whilst the risk that can really hurt you may be difficult or costly to manage but every effort should've been spent to minimise it manifesting itself. All hindsight of course.