Not be current breaks the agreement of the loan, as it does with basically all toxic OTC loans, and they could theoretically convert. However, if they are current with payments, no reason for the conversion, which, can't happen until they're current with all filings anyway. So, they may file audited fins from 2014 forward, became current, and move up. Or, they will continue the years of not filing and continue to fail, one or the other, time will tell.