big asset writedowns, page-9

I think you are confusing cashflow and balance sheet issues. As long as cashflow cover of net interest expense holds up then distributions will continue to be paid almost regardless of the asset writedowns..and infact asset writedowns would then probably stop because cashflow was holding up anyway.....so I think it is right to focus more on the cashflows and cashflow cover of interest and the writedowns will most likely take care of themselves in that case....from my discussions with banks they are much more interested these days in cashflow covenants than pure debt/equity covenants which they are tending to relax anyway if they are breached...but lets see..the stock actually reacted quite well to the announcement so I suspect a capital raising may not be too far off...