RE:They can't use the proceed for M&A or a major purchase.1,000 percent agreed. The debt holders are running the show , given the company's indebtedness. This makes sense, given the current uncertainty around the downturn and when things rebound. If you had lent AC money and it is burning $15-22 million per day, the likelihood you incorporate terms to restrict any substantive extraneous spend is about 99.9999 percent. M&A may happen, but it ain't anytime soon. It is these times when a company needs their capital partners onside, especially when it comes time to waiving covenants, etc. Crystal clear...