Due the significant uncertainty associated with the material adverse impact the COVID-19 pandemic has had on our operations and liquidity, we are unable to predict or quantify with certainty the effect on our liquidity, our ability to meet our obligations when they become due, or our ability to maintain compliance with our financial covenants under the New Credit Facilities Agreements over the next twelve months.One can only imagine the astonishment—mixed with excitement and fear—in offices around Manhattan as Sotheby’s competitors read the disclosure. Was Sotheby’s about to default on its bonds? How could have this have happened so quickly?
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