I'm not an accountant either, so I will stand corrected by an expert.
However, my understanding is that "current" liabilities are anything that expires or falls due within 12 months of when the statements are produced.
Those Commercial Backed Securities you mention expire in May 2009, so they will need to be renewed, rolled over, or repaid at that time. It is certainly NOT necessary for HVN to do that with cash - if they renew/extend or rollover the debt, nothing really changes.
They could also get some different lending in place to cover the liability. There are several options therefore, and the fact that current cash levels are lower than the debt levels is really not an issue - for a company like HVN anyway.
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