Ann: Revised Debt Repayment Schedule and Dividend Cancellation, page-3

This is actually a pretty good announcement. The balance sheet can handle the leverage and the lease incentives provide a useful liquidity buffer. The key though is the forward order book and capacity utilisation. High operating leverage works both ways. It can turbo charge profits when utilisation increases above 75% but it can destroy earnings when it falls. Still too early to tell.

I might have to re-look at this again though in line with the drop in the SP. There is obviously very real risks to earnings but these risks can be managed at the right entry price.