Does anyone have any stories where adding back non-cash expenses made a company look great but then it wasnt?

I am trying to workout a scenario where there would be a company that has great EBITDA or on another hand a great DSCR, and the company goes under.

I can't come up with a situation. Partly because I like experience, and partly because I may be dumb. I spent 40 minutes writing about a fictional transportation company where Joe Jonas and Taylor Swift get swamped by Interest expense and DA expenses after both their Masseratis catch on fire. They need new loans to purchase to Maserrati's and will need a loan that eats into their interest expenses. I really would have to look hard for a scenario to make things turn out badly.