"As Nic Greiner said at the meeting, 'no good company should breach their covenant' " .... that's pretty rich coming from a guy that helped the company lever up so much, and then help screw up not one, but two, potential takeovers at $2.50+ in the past 12 months.
Now if revenue continues to deteriorate, say sub $750m, then there may be some issues, but as long as they keep margins tight and delay any capex, they should generate sufficient opex cash flows to pay down debt and weather the storm over the next couple of years.
I'm not expecting alpha any time soon, and to be honest there are probably much better places to allocate capital, but at these prices I see a substantial discount.
