yeah you are missing something - they currently are servcing...

yeah you are missing something - they currently are servcing this debt and the debt is not hardcore from what I understand with much of it in bank guarantees and the like.

Plus if you read the annual report you will see that they actually "sold" the franchises that were once company owned and in turn give each person a "loan" to repay this debt each qtr...I thnk its over 2 - 3 years so they do have some means to repay the debt.

Futhermore as contracts finish bank guarantees are returned and cancelled.

I think you need to forget the debt and focus on the cash flow and the brands because that is what makes this company attractive and viable at present - the debt will take care of itself for the time being.