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

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.