I'm thinking they drew down on all their debt facilities by the end of March and held onto the cash incase the banks put a freeze on their debt facility. Just because they drew down on the debt facility to the max, it doesn't mean they spent it. Along with the cash in hand as of December 2015 they would have about $120 million for operations incase there is any bank argy bargy. Just a thought.
Cash Flow or Cash Burn, page-74
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