they have 10 bill debt outstanding. and an annual interest bill...

they have 10 bill debt outstanding. and an annual interest bill of $400 mil
From their website: they have 47 flight movements scheduled for tomorrow.. pre covid, they averaged over 900 per day.
Qantas has said they won't pay airport rent. The retailers will not be paying rent (or at a reduced rate, and the airport will not be generating much revenue from parking.
If I model april/may revenue at 10% of normal and the rest of the year at 35%.. i estimate they generate $459mm in cash pre interest expense.
(i've assumed they cut their operating expenses to $230mm from $300mm) and no capex..
then after they pay their interest they have 59 mil left
Based on their most recent annual report, and post 400mm div and 600mm debt raise in feb, they had a working capital shortfall of about
150mm ( this includes the 700mm that is due to bond holders in November)..
this also assumes that accounts receivable are collectible..
anyway it looks like there will be no dividend for the next 12 months. They may be able to slide by without a capital raise if the actual flight movements are higher than my expectations, but a prudent manager would likely raise $1billion just to get them through..
I truly think they have way too much debt against their assets and EBITDA metrics.
I could be wrong on my assumptions (+/-)..but I don't understand why they haven't raised already.
I also doubt that future traffic will quickly revert to the pre covid era numbers..

I welcome opinion on what you think of may think of my assumptions.

Full Disclosure: I am short the stock. (tgt low $3's) .but long the nov 2019 bonds

This is not a recommendation just my observations.
Please do your own research.