mate the note terms let 25% of holders call default on any missed coupon covenant fail or cross default, not just a change of control. 50% can block every waiver, then order the trustee to accelerate and demand full repayment. cash burn still runs near 80 m a quarter at 190 coal, the revolver flips on a 1.2x first lien leverage test, that cross defaults straight into the notes. sev.en only needs half the bonds to say no, force default, then credit bid the full 400 m face for the mines. royalty relief only shows up in early 2027, wicet fees and capex keep draining cash, so fcf stays negative this year. the bond at 60 c is the giveaway, classic loan to own setup. equity is toast unless emg wires fresh cash fast or coal jumps above 230. the very simple main thing you are not understanding is that noteholders can act before a change of control, meaning they can force default if a covenant is breached, and the 25% acceleration rule applies and demand the whole 400 m back
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