The banks committed to the loans at the point of the takeover proposal (end of April). The macroeconomic lookout was better. Since then, just about every tech stock is down >20% and Musk has helpfully made unfounded accusations of bots and spam and whatnot in a pointless attempt to delay the acquisition, meaning the banks now have to try and unload these loans in a recession. I think last I heard they are giving a 40% discount or just keeping them on their books, hoping for a recovery as Musk trashes the company value further with every week that passes.
