proof lending covenants might be ok, page-7

Ata,

Ok how does this look:

Say,

Total Liab $2,000 million
Total Assets $3,636 million
TLR is 55%

But,

Assets have fallen 15% accross the board. (Yes, some at 20% but this is not the average)

So,

Total Liab $2,000 million
Total Assets $3,091 million

Then,

You sell $230 million of assets to pay down debt.

Total Liab $1,770 million
Total Assets $2,861 million

TLR is 61.9%

Take off another $60 milion for two quarters of dividend claw back.

Total Liab $1,710
Total Assets $2,861

Final TLR is 59.8%, but say 60%.

And more sales are in the pipeline for good measure.

They are in the clear imo.