Financial creditors - Run 5S, Round 1

US$600M of modeled Q3 EBITDA is helpful but not a restructuring solution. It is near the company’s US$586M plan, and Q2 already showed that EBITDA can coexist with a large working-capital outflow.

Demand: monthly cash reporting, a minimum-liquidity covenant, a sweep above the operating floor, limits on Idesa leakage, and capital or equitization triggers tied to cash and leverage-not resin spreads alone.

Concession: modestly greater willingness to approve extension / PIK economics without immediate shareholder equity if Q3 results validate the range and cash conversion is visible.

BATNA: withhold the majority if the plan treats a market proxy as cash or leaves downside funding undefined.