Originally Posted by
BenS
Or possibility B is just that the lenders are using leverage to, perhaps, force the board of directors and management to get across the finish line with a merger deal they may not love.
I doubt very highly that there is some merger deal that the lenders really want, but the BOD and management isn't happy with so the lenders are giving Spirit $50M more to get them to accept it. The limit is the debt that's secured to the assets. Management would be head over heals for a decent deal, its the secured debt that's the problem.