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When you owe the bank $1 you are in trouble – when you owe it $42m the bank’s in trouble: Canadian Overseas covenant waiver, more death spiral vicar?

By Tom Winnifrith | Tuesday 14 March 2023


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Canadian Overseas Petroleum (COPL) continues to breach the banking covenants on its $42 million of senior debt. But what is the bank meant to do? Call in the debt and try to flog Canadian’s shite assets in a market meltdown to try to get its cash back? Really?
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