For the amendment to credit agreement I read this as effective date of 15th May plus 15 days = 30 May.
Technically, the agreement can come today, but otherwise we suffer an Event of Default.
This can't be good, given the effort SNDE went to delay filling of the Annual Report etc etc until they received the Waiver for the going concern to not constitute an Event of Default.
What I don't understand, is the banks had an opportunity to trigger an Event of Default by not agreeing to the going concern waiver, but didn't (though it did take them a while to). But the point is that they did, so why would they agree to that waiver, only to to not agree to this one.
Maybe it is just the lendors of the Credit Agreement (aka Nataxis) that want out- but then why not not agree to the going concern waiver.
The fact that the banks didn't agree by 30th May (if nothing happens tonight) is the worst unthinkable case scenario playing out.
SEA Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
