They are very close to the FCC covenant on their debt. I think they have no chance of adhering to this in the future.
Furthermore, their accounts payable is almost = inventory + CODB margin.
That is, they need to sell almost all their inventory simply to pay their suppliers. And they have, pretty much all of H2 inventory on hand.
This is not a good position to be in. I don't know how they are going to manage their cashflows in the next year, particularly if/when they break their debt covenants, without raising some cash.
They are very close to the FCC covenant on their debt. I think...
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