From what you've outlined, going forward, this sounds like the creditors will be looking to extract as much value as possible.
Therefore, I ask what chance to shareholders have of extracting value?
Is the new covenant an arbitrary number? Or was it chosen as means of jawboning? i.e., 'If we set the convenant to 'x', the market might think there's a chance of them actually achieving 'x''.
And if you set 'x' at a point that would reflect a higher share price, it sets up perfectly for the credit raise that you believe is coming.
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