Ann: First half 2018 results update, page-22

Quite a debacle. I didn't think there would be much more downside from 65c, but was clearly wrong. The concern now is that management will be obliged to write down goodwill and other intangibles by an even larger amount than they previously budgeted. This could result in them breaching their debt covenants - see below from AFR on 29 Jan:

Under existing covenants, Myer must maintain shareholder equity of at least $500 million. Equity at last balance date was $1.07 billion, underpinned by $986 million of intangible assets. If Myer wrote down intangibles including goodwill (which is in the books at $465 million) and brand names ($422 million) by $600 million it would breach the $500 million shareholder equity covenant.
http://www.copyright link/business/...oodwill-value-is-written-down-20180129-h0puqp

If covenants are breached, the lenders can call in the loans or force a renegotiation of the loan terms.