Banks have them where they want them now - in covenant breach, so they can call the shots. They will extract their pound of flesh.
Will they just loosen the covenants slightly? or swap a small amount of debt for equity? not likely!.
They will likely gorge themselves at shareholders expense. Question I have is, why has this action on the covenant breach been left till the last minute? Or maybe it hasn't?
AEZ Price at posting:
4.7¢ Sentiment: None Disclosure: Not Held
