The bond rate that has been disclosed by the company of 8%...

The bond rate that has been disclosed by the company of 8% places them as junk bonds, thus death spiral. Reputable bonds carry a lower coupon rate.

You cite negative pledge over the hard assets of the company, do you truly understand what the hard assets of a dairying enterprise actually consist of. It includes property, plant equipment and the biological assets which produce the income to pay the coupon rate.

Previous history with the BOD has proven that they are not able to service debt let alone run an agricultural nor business enterprise.

IMO DYOR