Again good insights. However as I recall the net operating cash...

Again good insights.
However as I recall the net operating cash of 120m included some 130m reduction in receivables which can't be repeated as there are less than 70m of receivables left.
The company in an announcement entitled trading update 17th October 16 guided to a 20-25m operating EBITDA range for FY17. Which presumably wwithil be impacted by one offs with the closure of the Jaya shipbuilding operation in October and the ongoing laying up of vessels.
The 75m principal debt repayment each year was announced in the annual report with 37.5m due by 31 December. This accelerated debt repayment schedule was required by the banks as the company ran into trouble February 16.
With the company no longer shipbuilding EBITDA is a good proxy for cashflow but not operating EBITDA.
There's a reason terms like EBITDA (let alone operating EBITDA)are banned under the GAAP and that's because they are a load of crap.
Presumably they are counting on an improving second half with the new vessels being utilised, things like 10m cash coming through from vessel sales an essential lifeline. This half to 31 Dec looks like the major pinch point IMO.
How many vessels are there left to sell, with the news that operating cashflow will reduce as an accommodation vessel which they are getting good revenue from is sold? That says it's getting harder.
Alternative funding options as your shareholders no longer back you and mark you down to 20% of book is it?