I think that 'banks won't touch them' is likely not fair as an...

I think that 'banks won't touch them' is likely not fair as an assessment. It should be moreso that if they were to get debt, it would normally carry heavy terms and high interest rates, which may be less ideal than a raise itself.

You did mention con notes, but they are just dilution by a different name usually, and also carry heavy terms most of the time.

I have CR somewhere around 30-40%, because of managements history of prudent decision making and cost cutting, and also the off-shore manufacturing terms they have in place being able to gear up and gear down in these quantities relatively easily.