Daleg,the deferred int of 40mil does not need to be repaid until...

Daleg,
the deferred int of 40mil does not need to be repaid until 2037 ! therefore, they could pay down the loan to $1 and sit on the $40 mil due for 25 years. clearly that would be silly, so some sort of arrangement needs to be made - hence the debt officer.
At the rate they are paying down debt, it will be all gone within 18 months, but the trick i feel is to have a little leverage and start paying divs like they were supposed to. then realise assetts over a longer period of time.