P/B Ratio is currently 0.23, page-41

Debt covenants shouldn't be linked to market cap or impairments in a perfect world. Debt coverage Should be the measure here, if the S&G management got that right. Then again, they've gotten plenty wrong. Management need to address this. Any manager worth their salt did so in GFC without having to be asked. Now it's their turn. Bankers will be very nervous because they usually don't understand the business they've lent in. Credit side will be working overtime to get their heads around this. SGH needs to come clean even more so now they're a penny stock. This isn't much different to VET. Same b/s business too many went nuts on, with no real assets other than human capital that can simply decide they aren't showing up tomorrow. A great case study for the future and for other consulting businesses.