I didn't see that the filing specified where the violation occurred- only that there was a covenant violation.
I'm sure a delayed 10Q filing would be a covenant violation so that's a good guess. I would also guess there is broad language covering the integrity and reliability of financial statements- which we now know doesn't exist due to the restatement. I would think a lender could accelerate a loan based upon that as well.
I haven't checked in a while, but I don't think MLNK is carrying any debt- either long term or bank debt. If that's correct, all this does is increase their cost for their bank line of credit and reduces their limit. It isn't material since I doubt they planned on using it anyway.
the lender is just protecting itself until the accounting problems are cleared up.