A default can deliver I suspect exactly the same result as if...

A default can deliver I suspect exactly the same result as if the lender 'sensibly' accepts its current loss relative to realistic forward value estimates.

If AJA defaults and the assets go to market, presumably something like the latest valuation will be realised by the lender. AJA will possibly be in the market for assets like those it has just defaulted on but at something like the prevailing / foreseeable valuation. Self funding in a sector where AJA wants to be etc etc. Hypothetically it could buy the same assets and therefore preserve the income stream.

or

The lender can accept its loss, avoid significant administration, legal and marketing costs and allow AJA to continue on with its primary objects on a lower overall funding cost. My view is that the issue I don't think is AJA's management performance (in which case conceivably someone else can do better) but rather the initial acquisition price adjusted for all the curses of a GFC

The latter makes more sense to me but I suspect the settlement will include increased security adjusted for avoid marketing (etc) costs ... hence requirement for some external funding sources or credit support.

Time will tell I suppose. All speculation of course.

Have a great day