I don't disagree with the sentiment but isn't Healthscope (including UHF) more like 60% of the rent/value? There is about $1bn of assets ex UHF and $1.6bn including UHF (excluding UHF debt). If you had to write off 60% off, it would take the wholly owned book to $400m, and the UHF stake to something like $100m (given there is higher leverage at UHF than UCW). That would be $500m of assets, only just covering the debt of $440m. In that scenario it is very likely UCW would go bust.
That said, I agree it is very very unlikely that the Healthscope properties are worth 0!
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