Tanny,
Covenants are a bit like mortal sins if you break one your in deep poo. An example would be debt to total assets or interest cover times.
If GPM break a covenant the bank can charge a higher interest rate or call in all or part of thier loan.
Pretty clear GPM will break covenants or go very close, remains to be seen what the banks do. I doubt they would put in a receiver and create a fire sale.
