Arriums, page-14

debt is probably the wrong word, it is liabilities.

have a look at the 1/2 yearly report, was 3.8 then and probably increased a bit.

$4B debt just sounds better, even though it doesn't take into account inventories, receivables, cash etc.

I didn't think their were any big repayments till FY18, so I guess they must have thought they would break the covenants and were forced into VA by the banks over their failed shonky deal with GSO.

The board would have been tossed out at the next AGM so they rolled the dice.