Not sure what I am missing here? But to me it seems the most...

Not sure what I am missing here? But to me it seems the most important consideration is that of debt covenants. Banks being banks I have no doubt that they will push the button as soon as they can. They would be as annoyed as all of us that the directors have either been lying or are completely incompetent. Why would any creditor want to continue to finance a "ship of fools"? I think its a buy but only in circumstances where debt covenants are well "out of way"!