Great context, much appreciated. Was not in the detail of the...

Great context, much appreciated. Was not in the detail of the north Asia business so was startled at first, but reading through historicals & focusing on this segment, this certainly appears a strong net positive. > $20m EBITDA (>$21 for remain co) in this environment is truly remarkable. The stock is priced for death (2.4x EBITDA) yet probably among the most resilient stocks in the current conditions? (lord knows what other largely non-impacted COVID stocks would be priced at in this current environment - many, many multiples of this).

As an aside, If anything COVID probably makes their debt load LESS (yes less) risky (at least for the short/medium term) as banks are under such enormous pressure to be flexible in the current conditions. On the other side of the equation, their earnings have been incredibly resilient.