Guess it depends on how much you trust the independent valuation...

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!