72% gearing ratio

The fundamentals of this company look sound:

1) Runs domestic flights rather than International. (The latter will struggle in the current econmic climate)
2) Oil price collapse meaning cheaper fuel.
3) Customers switch to discount airlines during challenging economic times.
4) I've valued the stock at $1.10 per share (LT Discounted Cash Flow) yet its tradng at around $0.30.

The only thing that concerns me is the 72% Loan to Asset Ratio of the company. (Market leaders usually 50%)

Is this anything to really worry about in the current financial climate?

Do airlines have lending covenants that could be breach like LPTs?