Westrock Coffee Co (WEST): 10-K filed March 12, 2025

• Covenant Default Risk (Critical): Covenant relief expires April 30, 2026—management is already stress-testing compliance scenarios for late 2025, signaling material uncertainty about meeting leverage and interest coverage requirements post-relief period, with potential default consequences.

• Convertible Debt Refinancing Trap: $72M convertible debt creates a no-win refinancing scenario—rising stock price triggers dilutive conversion while falling stock price forces repayment during a period of constrained liquidity and covenant pressure.

• SPAC Integration Failure: Persistent asset impairments and restructuring costs 2+ years post-merger indicate fundamental integration challenges and deteriorated asset values, suggesting the original merger thesis was flawed and anticipated synergies have not materialized.

• Management Tone: Cautious and defensive posture (-0.15 sentiment) reflects management awareness of significant near-term execution risks and financial constraints, with disclosures designed to signal contingency planning rather than confidence.