One month ago, the debt of Pinetree Capital (OTCPK:PNPFF) was brought up as a potential value investment. The company's debentures had fallen to barely over 60 cents on the dollar, as the company was in violation of a covenant which specifies that its debt to assets may not exceed 33%.
Yesterday, the company requested that the maximum ratio allowed under the covenant be temporarily lifted (for nine months) from 33% to 50%. In return, the company has offered the following:
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