The Covenants by Reorg team discusses investor pushback focused on value leakage, secured and priming debt capacity, more investor scrutiny on leakage to unrestricted subsidiaries and dividends from asset sales required and EBITDA pushback centers on capping the synergies/cost savings addback.

If you are not a Reorg subscriber, request access here: go.reorg-research.com/Podcast-Trial.