Covenants are always important FA aspects for companies under...

Covenants are always important FA aspects for companies under stress or otherwise. However MCS asset & earnings ratios are not the problem here. Currently Atlas' continuation is the biggest risk but that should already be in the share price as past management safety issues were in their days . Currently down 95% from their high appears an overreaction . So might be a bargain at these prices for long termers especially the board who are amongst the top holders. Maybe we will see some 3Y announcements from them over the next few days ?
IMO the properly raised covenants concerns here are traditionally in hand whilst the assets are numerous and readily disposable and the operational cash flow is significantly positive.