The total debt on Xebec Adsorption's parent company is about 38 million. The rest of the 40 million debt on the balance sheet should be under Xebec's subsidiaries such as Hygear and other service companies. As far as I understand, subsidiary debt has no claim on the parent company's assets. Even if this National Bank covenant breach triggers all debt due, 38 million is too small to trigger a complete debt to new share restructuring for a company that generates 200 million in revenue imo. The most likely possibility of this CCAA is to delay the National Bank's Sep, 30th due date for either 1. asset sale to repay the 25 million, or 2. fixing the ratio covenant breach by the 3rd quarter, 2022 result and renegotiating the terms with National Bank. Unless the management is corrupted, it is unimaginable to cancel the existing share structure for so little amount of debt.