https://seekingalpha.com/article/4635084-lumen-technologies-approaching-key-point
Interesting points once again in the comments section. It seems that we're in default with some of the debt by selling the LATAM sector of the company.
"The debt/covenant discussion right now. These talks with a limited group of bond holders, specifically involve the claim that the use of proceeds from the LATAM sale represent a default under the debt agreements, LUMN disagree that any default has occurred, and their lawyers agree. This disagreement is one of the reasons that bond prices have collapsed. LUMN’s position is that no changes need to happen, but wants to be sensitive to creditor views and may make this an opportunity for a larger discussion about debt maturities. Put simply, this could result in higher interest rates NOW in return for maturity extension. For the company, the tension here is that they would be impacting FCF in the short term. I think these extension would focus on the Revolving Credit and the Term Loans due in 2025 (both of which are senior secured) and would result in higher interest spreads. Bottom line, I don’t believe these talks will result in any default and there is runway for the next three years to get to the 2027 debt refinancing requirement."