The covenant relief is probably an ongoing discussion and depends on what happens with the remaining debt conversion. I think UPL is looking at the GCX as something that will help remove the basis differential, which had been 62 cents. If that goes away, you still have the problem of HH being low. The Make Whole is like manna from heaven, and I will believe it when I see it. Big impact on bankruptcy laws, but no hearings scheduled, which is what the creditors want. Any recovery there reduces their net debt by that amount. The debt they can buy back is by reducing the revolver draw, which takes out some debt interest. The debt buy back can't occur unless the "pro-forma net leverage ratio must be 3.0 times or less." I'm sure that UPL would try to get the recovery counted as income, and it would seem they probably could since it is money coming into the bank account.
Right now, some heat in the Southwest is spiking demand and prices. We will see how that plays out. If Opal responds, and I think it should, Opal could easily go to $4 and stay for a couple of months. That would help immensely.