nasty set of bank covenants

World of pain for this stock based on my read of the bank arrangments. No divis till 30Mlln of equity. Wow that's a serious control and can only assume the bank is very unhappy with the state of affairs and the achievability of the forward outlook.
For the poor shareholders, the return to $30 Mlln equity's likely to mean at least 2 years with no divi based on revenue's movement into net cash.
So I'd say the only answer is to merge with another entity for this one, deep discount raise does not seem suitable as it does not get them away from the bank.