B & P.The covenants would have look forward and look back...

B & P.

The covenants would have look forward and look back components, sometimes individually (i.e. look fwd ICR tests or look fwd + look back tests before paying dividends).

A look fwd on expected EBITDA would pick up the next period - i.e. normalised.

Agree the Banking Syndicate will be more heavily involved. Agree they wouldn't want to litigate. Probably prefer to negotiate better terms and return the coy to the shareholders. Avoids them (the Banks) having to deal with all the issues in order to get their money back.

They have a number of options to get out at these up-coming reviews Apr 10?)

May be having issues within the syndicate, if some just want to pull the pin and others needing to be more strategic. Intra bank disagreements are not uncommon in this situation. (IME)