I think you need to dig a little bit deeper. They have $365m in...

I think you need to dig a little bit deeper.

They have $365m in total debt but if you look closely $296m are finance leases and hire purchase contracts. These are tied to the assets as security not the equity of the company. Then there's $40m in floor plan financing. Some which are tied to the assets too.

So at least 80% of the debt are tied to the assets. If Apollo fails to repay those debt, they take the assets not the whole company like a bank loan debt. Currently, they have $29m in bank loans which is tiny.

Refer to pg 56-58 for a breakdown of their debt.