A few points to note: - The writedown is mostly related to...

A few points to note:

- The writedown is mostly related to goodwill. NTA is not affected by this and in reality is a problem of the past, as the cash is already gone.
- The restructure had to come in one way or another. I'm not quite sure it's the last one though, which is of concern.
- The impairment of assets is to be expected in some areas. To be honest, I thought there would be more, but the assets held for sale have held up quite well.
- Debt has been paid down substantially. It's just a matter of asset sales holding up to enable this to be done on an on-going basis
- The details of the EBA would be nice to know... may impact the bottom line greatly
- Positive cash flow is still ensured at this point, don't know how long for though
- Re-financing should provide some (small) level of comfort around the value of assets used as a security for the line of credit

The value of this company will be from the amount of free cash it can produce while incurring substantial write-offs, as opposed to 'generating new business'.
The market is correct in not trading this near NTA. The real question is, how much are these assets worth after taking debts and further depreciation into account? 13c seems to me on the low-side, but I'm no expert on cranes.

Watching and waiting patiently at the moment...