EWC is unlikely to go bust in the next two years - even if the...

EWC is unlikely to go bust in the next two years - even if the assets are stranded. The cashflow is enough to cover the debt owed by EEES, PTES and SC.  The SC debt does not fall due for  three years and in any case the EWI debts are not only subordinated to SC, but do not fall due until SC's notes fall due.  If the Philipine hub and Indo liquidation plant are not up and running in three years, the EWP debt is ringfenced to the LNG hub  and most of the residual debt will be payable to EWI, where the likely administration process should deter EWI from calling a default thus enabling EWC to avoid bankruptcy, but the share price will be 1 or 2 cents because EWI will have the priority claim to any cashflow and the EV of the company will be $400-$500m -> ie the debt owed to EWI. I suspect if the projects are still not running by then, most investors will have finally lost the will to live.