Ann: CLH - FY20 Annual Report to Shareholders, page-3

The debt is substantially reduced and the company can operate the agency collection side of things. Nothing to stop them getting the agency segment growing again post covid. 15m loan from CCP will help restructure more and perhaps pay for redundencies and PDLs. They also mention a new partnering agreement with a 3rd party to buy PDLs which will require less capital.

Sadly because of COVID a straight takeover was obviously tough. If you look at PNC, they managed to sell pre covid but the buyer walked away during the crusis. PNC was forced to refinance and issue shares to the lender, the interest bill is sucking up all the cash it generates, so the only hope it has is refi. CLH have said they did not want to do that as refinance was very expensive. They chose to reset the business instead of being hugely indebted.

won't trade again? Why? It will now move its current debt liabilites to non-current and will be solvent again. It has disclosed everything and issued an annual report. I assume it will trade again upon settlement of the transaction?