Ann: 2016 Half-Year Results Presentation-BLY.AX, page-26

Its going to barely break even in 2017 as they mentioned , its got total liabilities of around USD $965m , its already said liquidity is ok for now but challenged in 2017 , so that US$57M of available liquidity will be dry sometime in 2017 and their debt i assume will go from current US$711m up to around US$730m in 2017.

Debt repayment not re financing will set this skyrocketing , maybe in 2018/19 they can generate some free cash to start repaying the debt off. If they don't get refinancing or breach current or any new refinanced covenants its all over red rover.