You're correct--I am assuming XTXI can get XTEX to re-write the IDR agreement, or two reasons. First, XTXI owns 33% of XTEX's units, enough to control it. Second, the lenders may require it--or a merger of the two--before they agree to a re-finance. The bottom line is that management and the lenders are in control, the rest of us are just along for the ride.
I'm curious as to why you think the lenders have any interest in how XTEX divides the distributions. They're only interested in the amount of the distributions, not how they are shared. The lenders have, and have used, the power to prevent distributions, since paying distributions would have put their principal at risk. They have no power to interfere with the partnership agreement, and I'm not sure than even a majority (as opposed to a unanimous) vote could change that contract. We all bought XTEX units with an understanding of the partnership and distribution arrangement. You're making the assumption that the general partner isn't bound by the terms of the partnership contract, when in fact a legal contract is binding on all parties. That's why they call it a contract--look up the meaning of the word. Am I missing something?