Quote Originally Posted by Rep View Post
The delay today seems to have caught a number of folk unexpectedly including the board, management and PR corps - it might be too soon to use the adjective of arrogance that they would have a waiver as a fait accompli when there's a couple of billion on their loan marker. A banker might want to play hard ball on that line fee now...
Well put, the b****ers have a tight grip on their soft spot and will be screwing them to ensure they get paid, whether it's sell some assets, do a cap raise, issue some debt .. whatever it takes, FBU can pay (back) their way out if this. Too big to fail? No not really, that's a bit drastic and unnecessary. There is a way forward, it just won't be to shareholders liking whatever the outcome.

Never ignore the words 'default on banking covenants'. Control shifts in unpleasant ways, for equity holders.