SDE Would you care to elaborate.My source says that due to the...

SDE Would you care to elaborate.

My source says that due to the loss they made the a covenant was broken and the bankers were able to call in the loans. They then forgave FEA of breaking that covenant and didn't call in the loans immediately. Another covenant in the agreement said that if they made a loss they hand to bring all non-current liabilities into current liabilities. The bankers would have known this and hence gave them time to refinance which they weren't able to do.

This may be incorrect however it is a reliable source.