why abc fell today, page-4

Kray, It would seem to me that they only breach the covenant if the US deal goes through as its the impact of the MS deal that brings about the loss. They can't go through with MS deal if the don't get the consent of the lenders. If the company is in such a bad state then the banks are in the situation of saying No to the MS deal. In this instance they don;t get any debt reduction. What do you think they are likely to do.