Ann: 2017 Half Year Results Investor Presentation, page-19

Guess it depends on how much you trust the independent valuation consultant, who put the vessels continuing in operation at a value of $575.5mln (which is around 70% of asset part of equation). They have assumed disposal of vessels in an orderly market, and then applied a 20% discount to cover if the fleet was disposed in one single transaction. They also talk about limited observable data to determine a market value. With Liabilities at 464mln, the banks have some breathing room to make sure they get their money back. They also have a leasehold building at 62mln, not sure what this is, but maybe they can not sell,a s no doubt it was on the table with the bankers for discussion on reducing debt!