VeeCat, at this point the debt is not an issue, at least not...

VeeCat, at this point the debt is not an issue, at least not unless we get another GFC. Even then, Bell Potter calculates that debt is manageable. Bell's report last week stated:
"EHL looks comfortably within target gearing metrics (Net Debt/EBITDA of 1.46x) and well within covenants. With a subdued outlook we expect a winding back of capex expectations that should continue to see the business generate surplus cashflow (OCF less SIB capex) of ~$100-130m pa. This was a feature of the business through the GFC and suggests the scope to quickly wind down debt if required and captured in our forecast improvement in balance sheet metrics."

Also, EHL just finished improved financing, so debt maturities have been pushed out to between FY16 and FY23 (see last week's EHL presentation).

As for today's share drop, nasty for all of us, but hopefully an overreaction. As another poster noted yesterday, Bell Potter estimated EHL's share price should be 62 cents in a GFC situation. We aren't in a GFC at the moment (when utilization was down to low 60s% vs 73% today).