I'm with Rambo23 on this as well as your comments on a...

I'm with Rambo23 on this as well as your comments on a receivership / liquidation scenario. I've worked in the insolvency industry previously and in my 10+ years I only saw one company pay a return to shareholders (excluding solvent liquidations - usually where a multinational is liquidating dormant subsidiaries to reduce overheads).

The bankers would know their best chance of recovering their debt is to put a lot of pressure on management to meet an amortisation schedule to repay the debt in an orderly fashion. Putting it into receivership is going to see you losing c.15%+ of depressed asset recoveries in professional staff fees and other recovery costs. Also, if the PPE isn't specifically charged its likely employees would get first dibs on the residual funds from the PPE sales for their employee entitlements before the bank sees any money.