Branicks - comment
The Promissory Noteholders are clearly playing hardball, but would be significantly impaired if they triggered an uncontrolled liquidation of the company, so we expect the temporary extension to be given. Branicks needs to get these creditors on board as part of the overall Amend and Extend operation for the SSNs, which the company aims to complete by the end of June 2026. Interestingly, Branicks has not threatened a StaRug process (yet). This could be tactical, or it could be that the company is not 100% convinced that a second Promissory Note StaRug (albeit with different notes) would be enforceable; avoiding that test makes equal sense.