Why are you even still talking about covenants. They might not have agreed about the size of the writedown yet but they would know the range they are talking about. Write downs are non cash items. So this comes down to one thing. SGH is priced for failure, the banks pull the plug or they don't. The banks and their advisers would obviously know what they want the write-downs to be. If this was more than they were willing to stomach they would call in the debt and SGH is no more. Where in this report does it say SGH is going into Voulntary or Forced Administration Alex?
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