In the absense of conclusive evidence to the contrary, it seems to me that the problem lies in a gross overvaluation of PDL's and therefore non compliance with AASB9. The resultant overstatement of profits and net assets has caused a breach of loan covenants, requiring CLH to scramble to find alternate funding sources. Should this prove to be true, we can expect a class action suit against management and directors.
In the absense of conclusive evidence to the contrary, it seems...
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