@persistentone
Well usually it doesn't come to remedies because the directors quickly hit the red Voluntary Admin button if it looks like the terminator is coming.
As an aside - it is interesting that they are needing to meet covenants quarterly. It looks like a piece of cake for the next two quarters, as H2 2018 rolls off (assuming these covenants are based on last 12 months), but it will not be clear until we get the next quarters report (I hope we get it - since the financiers will get it) as to how likely they are to stay above the line. You would expect that if the lenders have been given q2 financials, then shareholders also should receive that as it is material for determining whether the run rate is on track to meet the covenants.
It looks to me like RFG have been selectively hiding information that was needed by the market to understand the business performance. For reasons that now seem very clear, they were hiding the numbers of local franchises from shareholders, when the changes in franchisee numbers was very material information. It doesn't seem like they needed to hide that info for any commercial reason, as it has been supplied while the business is in a more vulnerable state.
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