Ann: Change in substantial holding, page-3

At 10.39% shorts sold your pretty much spot on there...
Lots of debt but closest rollover maturity is 2025, from memory... These shorts are betting on the EBITDA going lower and breaking the Debt to EBITDA covenant set in the last ANN. If EBITDA increases then these shorts will win. If not then they will definitely get roasted.

I doubt come 2025 when these debts start to get rolled over that it will not be rolled over. It may even be better terms by then. If I was the underwriter then "a rolling debt gathers no loss" comes to mind as liquidating will not be an option. The physical assets would certainly have depreciated enough by 2025 to make that option non-viable.