If management are to be believed (and I suppose you may not...

If management are to be believed (and I suppose you may not believe them), there would be no basis for a recapitalisation or restructure at this stage. They specifically addressed gearing and bank covenants and provided stress tests in their analysis. Bankers have waived certain aspects of the covenants temporarily, presumably because they expect SHV to come out the other side of this, and are comfortable with the forecasting (at least as comfortable as you can be for this type of business). If there is another massive shock with pricing or harvest in 2024, then sure, capital will have to come from somewhere (either land sale or capital raise presumably). Surely it's a matter of the next harvest getting them over the line (or giving them breathing space), or not. Am I wrong here? My thoughts are that if it came to it, the better option would be to sell land which they could I imagine sell at a reasonable price (realising that NAV based on market price assessment), rather than raise at sub-$3, which would not be pretty. They have referred to land sale as an option which they could take, but which they do not expect they will have to do based on forecasts.