change of control clause & security, page-4

partowaste you are totally correct.

I imagine that the problem was that AJL could not show the repaired balance sheet. Reason is only a pro forma balance sheet has been published, as - strangely- the closing of the refinance was after the reporting date.

So, clients and financiers still see the disastrous balance sheet as the only official one. A situation that has cost us dearly.
In the new situation, with the new balance sheet on the first possible reporting date, it shows a very much bankable business (depending on the operational result; however on an balance sheet bases it is probably 15% loans, 85% equity).

That's probably why it will be replaced by new loans nxt year. And therefore K will cash in the fees that are also mentioned in the document.

I hope that is the situation, otherwise I cannot imagine why they gave in to the loan package.