(Bloomberg) -- By all accounts — including Elon Musk’s — Twitter has more than enough money to make its first interest payments, expected to total about $300 million.

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But with the payment date fast approaching, there’s nevertheless some anxiety over what the impulsive billionaire might do to ease the social-media company’s $12.5 billion debt burden.

Yes, Musk said in a late December Twitter Spaces conversation that the company has about $1 billion in cash on its balance sheet. But he’s also openly floated the idea of bankruptcy, cited a “massive drop” in revenue as some advertisers fled from the platform and slashed staff since closing his $44 billion leveraged buyout at the end of October.

A group of seven banks, led by Morgan Stanley, own the debt. The drama around Musk’s acquisition and volatile markets left them saddled with the loans, which they normally would have offloaded to investors.

Now, after they lost some $4 billion on paper for backing Musk’s Twitter bid, market onlookers see little reason for the banks to go along with any unexpected maneuvers near the interest-payment deadline, roughly around Jan. 27.

After all, in most bankruptcies, the equity is wiped out — and lenders eventually take control.

“There’s too much at stake for Musk and his co-investors,” said Jordan Chalfin, a senior analyst at credit research firm CreditSights. “Twitter will make its near-term interest payments, come hell or high water, and give the business time to turn around.”

Representatives for Morgan Stanley and Musk didn’t respond to requests for comment.

Few Reasons

While anything is possible with Musk, he doesn’t have many reasons to skip the first interest payment. The longer term is a bigger question: In the Twitter Spaces conversation, he said the company was on pace to lose $3 billion in 2023.