jdv - be as mocking of me as you like - but it is absolutely...

  1. 880 Posts.
    jdv - be as mocking of me as you like - but it is absolutely clear that these guys will be in breach of their debt covenants.

    operating cashflow was negative for the quarter.

    which must make it hard to satisfy any reasonable set of covenants structured around:

    a) interest coverage;

    b) leverage.

    this one cannot survive.
 
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