In RFG's case, if you demand maturity the business goes into administration. Since that would impair most of the intangible value, the tangible equity would go negative. That essentially means the debt collects pennies on the dollar. So the lender's have an extreme incentive to keep the business out of administration and would not demand maturity of the debt.
Are you saying that RFG has published no details on its loan documents to answer the question I originally asked?
Does RFG's violation of its debt covenants have any substantial impact on its subsequent business activity? The assumption in much of the conversation here is that the lenders have control on RFG's business, but it seems to me that RFG is actually in the driver's seat because the lenders may have very little recourse except to pray for RFG getting their reorganization done and restoring free cash flow in future years.
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