Things are looking more positive and the market reaction today seems to support that. With US$280m in debt, the annual interest charges are around AUS$40m, which should leave them with positive operating cash flow but not enough to make significant debt repayments. So they will still be relying on improved market conditions to either reduce debt or refinance. The bonds don't mature until 2019, so still plenty of time to tough things out.
EHL Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held
