Ann: Financial Covenants , page-15

If the bank wanted to tip FEA over they could have done it by now.

In your example you mention TIM requiring an interest/principle payment, there has been no sign that FEA can not meet its obligations just that the banks want to reset the covenants.

The banks are no doubt demanding a greater margin of safety, either more equity and/or asset sales. SmartFibre would have to be a fairly saleable asset if push came to shove.

The key question for me, is how well the mill is doing. It should be operating at full efficiency by now.