COO needs to prove he can stem the bleeding in subscriptions, they need to either repay or refinance the current debt, and the media division needs to materialize the promised modest revenue growth. They've already taken the big bath in the last set of numbers with the write down of subscriptions so the HY should look good provided the above is achieved even modestly.
I'm quite surprised the JGB debt hasn't been re-financed yet. The company has shown a clear preference for funding growth in Media rather than paying off the remaining principal. The leverage is at a level now that they should be able to convince a more respectable bank to refinance it on a better rate and longer terms which would free up that $3m current liability.
CM8 Price at posting:
4.6¢ Sentiment: Hold Disclosure: Held
