BDZ I think has given the most likely scenario going forward in the near term....

We're waiting on the FA....if it comes out in the next week or two, then I bet we see the loan issue resolved.  How?  There are several possibilites I would assume, with an increase and extension (blend and extend) the most likely imo. 

What happens though if we get to say Aug 25th and the FA hasn't come out yet?  Then things get murky.  

A PP or secondary that would raise the $$$ needed to retire the loan, at the current (and very possibly lower) PPS would be very dilutive.  Preferably they could negotiate a short term extension....say for 3 or 6 months...same covenants and terms...Easteren still providing a standby letter and the company still paying interest in arrears.   

If we're still waiting on the FA and an extension is negotiated, then we're probably looking at another PP as referenced in the MD&A....and we all know how things worked out the last time.  

Hopefully the FA comes out soon...and is a thumbs up obviously.