Are the HB's subordinate to the HA's or do they rank pari pasu?...

Are the HB's subordinate to the HA's or do they rank pari pasu?
Otherwise, I agree, it seems a bit odd. Also, looking at the interest cover ratio at 5.7x and gross debt cover of 2.8x, there seems plenty of comfort from a breach of their covenants.
I assume the only reason why the market has been talking potential debt issues is because their cap ex in the next year or two is high, whilst their earnings have been on the slide for a while.
However, given that their new venture kicks of in October and will start to generate some decent (non gaming as well as gaming) revenue, those numbers should help alleviate and short term angst.
I cannot, for a moment, believe that they will continue spending on cap ex as aggressively IF the revenue continues to weaken from these levels, which I don't think it will, given the new Macau venture comes in stream in 6 weeks.