Buller Holcim cement plant will continue to operate for several more year!, page-25

I don't think shareholders will get anything back if BRL goes bankrupt. NTA is an accounting concept.

In a liquidation scenario you need to calculate the liquidation value of the assets, less the liabilities on the balance sheet, the contingent liabilities, less contractual break costs, less the liquidation costs and no doubt numerous other costs. Plus assets sales in poor markets from an administrator don't usually end well for shareholders!!

Have a look at the history of the BRL NTA and you can see it means virtually nothing.

BTW - there are lots of companies trading below NTA - China steel companies, Korean ship builders, Taiwanese life insurers, Japanese banks, HK property developers etc. Some are trading as low as 0.3x and have been below NTA for a long time. These are massive companies with real businesses.

I haven't been following BRL in much detail over the past 6-12 months, but it does appear new management have managed to stabilise the cashflow - credit too them on that.

Unfortunately they don't seem to be publishing quarterly cashflow statements any more, so we don't know whether the cash balance increasing is from asset sales or the actual all in operational cashflow.

It is a pity the stock can't rally even after the Chinese injected US$1tr of credit into their economy in Q1 and undertook a major fixed asset led stimulus plus there was an 80% increase in Chinese domestic coking coal prices in from Dec 15-Apr 16.

New management appear better, but the cyclical headwinds are massive right now and a lot won't survive.