AMT is debt top heavy. Any short fall in rev could start the downhill slide. The covenants have them with very little or no wiggle room.
Our credit facilities, as amended in October 2002, contain certain financial ratios and operational covenants and other restrictions with which the borrowers and the restricted subsidiaries must comply. Any failure to comply with these covenants would not only prevent us from being able to borrow more funds, but would also constitute a default. For more information about these covenants, see �Factors Affecting Sources of Liquidity�Credit Facilities.� They also restrict our ability, as the parent company of the borrowers, to incur any debt other than that presently outstanding and refinancings of that debt. We and our restricted subsidiaries, as well as Verestar and its subsidiaries, have guaranteed all of the loans. We have secured the loans by liens on substantially all assets of the borrowers and the restricted subsidiaries, as well as Verestar and its subsidiaries, and substantially all outstanding capital stock and other debt and equity interests of all of our direct and indirect subsidiaries.
And to expand, what that boilerplate does not mention is that the current "restriction" holds ATC's borrowing capacity at...ummmm...$490 Million. They've really got their hands tied. Haven't drawn since April and have cash flows lining up at the door. Monty Brewster couldn't blow that wad!