Ann: FY13 Interim Results Presentation , page-3

Stefanis, note 3 in the accounts explains this. The write-downs take effect at 31/12 and they appear to have had a covenant test at 31/12, so had a technical breach. They do however say that they have now received a waiver from the lender and the liability is now back to term debt, not current debt as they were required to show in the balance sheet. Another example of less than stellar management, but not life threatening.