If BNB is (ends up) in breach of covenants, then it is likely to...

If BNB is (ends up) in breach of covenants, then it is likely to become academic as to the level of net assets. The banks will take their pound flesh according to whatever options they have under their contracts (eg most of the equity ala CNP). I expect this is why BNB is selling anything they can, even at ridiculous prices (e.g. EBB has no debt and BNB sold for less than cash in the bank at EBB!)