Finally some honesty from this Board, they have now admitted to...

Finally some honesty from this Board, they have now admitted to changing the previous, and legal, collection stragetgy, to one that results in the write off of $89 Million. A strategy that they knew would breach the loan covenent and now risks the company going into bankruptcy What Board concerned with shareholders would make such a decision?

The $15 million in unerlying profit sounds like a figment of the imagination.
You cannot count the profits on the debt ledgers you do collect on, but then exclude the ones you lose money on and call it underlying.

Take for example a shop keep selling perishable goods.
Say you manage to sell $15 million worth, but $89.9 million worth of the goods perish, you cannot turn around and say underlying profit is $15 million. You cannot split profit and loss on the same goods.
Take another example, if you conduct a fundraising dinner for CLH holders, and pay $1000 to provide a dinner for 100 people, but then only 2 show up and you make just $50 off each of them. Underlying profit is not $100. You lost $900.

On underlying profit reporting: Elaine Campbell, FMA Head of Compliance Monitoring, noted that alternative performance measures “can provide useful information to investors, but they also have the potential to be misleading if used to mask bad news”.