Extract to table

1 million); if the Company is required to pay all interest in cash, the expense would be approximately $46

While the Company has deferred certain discretionary capex, minimum maintenance spending is required to sustain operations

The liquidity analysis strongly supports the conclusion that the Company must begin restructuring discussions with its creditor constituencies promptly

However, the FY 2024E EBITDA recovery projection should be viewed with appropriate skepticism and must be stress-tested rigorously

Key Challenges Based on the analysis presented in this memorandum, the Company faces five principal challenges that must be addressed through a restructuring: 1

The Company's capital structure must be substantially deleveraged to bring total leverage within the range of 3