The 2 May announcement described amendment fees as just that...

The 2 May announcement described amendment fees as just that 'amendment fees'. It could be construed from that announcement that if fees are chosen rather than warrants then those fees are payable imminently.

Now, in today's announcement amendment fees are describes as 'deferred amendment fees'.

My interpretation of the now stated 'deferred' is that the amendment fee is tagged onto the loan principle and not payable until 2018 as per the time warrants will be convert.

Therefore, the lenders have accepted either a known fee not payable for two years; or
warrants that could be worth considerably more in two years rather than the 'known today' amendment fee.

If that is accurate then it is further good news. The adjective 'deferred' is significant I feel. It may mean no immediate drain on cash as was initially thought.