TNT $14M MC, page-22

I'm loving this thread. NN101 does have a point. A lot of SMEs are going to be late payers. Fortunately, TNT has a cash buffer. The risk is that this stretches out, or that there is a cascade of defaults and company failures. But I expect the government to keep throwing fiat money at that problem. And TNT's major expense is labour, which will be directly targeted by government assistance. Conclusion: valid concern, but low probability.