big asset writedowns, page-3

Writedowns also lower gearing headroom and ALZ don't have a lot. Last time I looked (prior to writedowns)total liabilities to TTA (total tangible assets) was north of 45%, gearing covenants are around 55%. They stated that they're selling assets to bring gearing down, but at what discount?? Still I suppose the banks are happy or they wouldn't have rolled over their loans.