yes I saw this...kind of old news catching up.....the waiver was already issued by the Senior banks, but due to intercreditor deed the bondholders are also party to the waiver process...so they have to be notified and have rights.....however I cannot see the boldholders going against the actions of the senior banks, and suspect the company will also ask the bondholders for a waiver which they would be mad not to agree to.
so this is still bound up in the outcome of the negotiations with the Senior banks, who would on balance and with the amount of credit support (looks like 50% subordination at the moment!), appear crazy not to fund their business going forward..
technically the breach of conditions is an event of default which needs a waiver....it sounds scary but is not abnormal...
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