if the company says that it is not in default then one of two things have happened. 1. It was repaid. 2. It was renegotiated . It may not have been paid, but the parties may have come to another arrangement so that it wasn't in default either. That's my take on it. Loans are restructured all the time. Technicallly they're not paid but they're not in default either.

You are exactly right and as a public company PAPA needs to disclose what has transpired, shareholdres have a right to know.