Agreed, but given that unlocking EIB will provide the company with cash, if all that needs to be done is restructure the debt, why would the lenders be opposed to getting this done?

It would seem that it’s in their best interest to get the restructure done.  The amount being loaned is $27 mill USD.  The amount it takes to build 1,092 towers (at $25k per tower) is $27,300,000 USD.  

In other words, the loan fully covers the build.  This would indicate that Nuran could get back 25k x 164 already built.   $4,100,000 USD.  

Additionally, Francis has said that the parent acts as a vendor to the subsidiaries, and can sell the equipment to them at a profitable margin.  

This would mean that the remaining 928 towers would provide a profit of (? x 928).   Whatever that profit margin is per unit.  

So 4.1 mill USD, plus whatever the profit is for each unit on the equipment on the rest of the towers, would actually inject a reasonable amount of cash to the parent.  My guess is somewhere between 5-10 mill USD.   

I’m also guessing EIB needs to approve the debt restructure before it’s signed?   So maybe there’s a back and forth happening?  But some clarity would be nice.