China, and requirement for refunds by airlines

Refunds might come through to hit CTD - keen to hear if anybody knows more about this.

From FY report - pg 24

Bank Guarantees
The Group has drawn on its financing facilities to put in place bank guarantees totalling $123.0 million. These
guarantees are used primarily for trade support for transactions with airlines in Greater China and European rail,
which are strongly growing businesses.
The requirement for these bank guarantees is mandatory by these suppliers and represents a significant barrier to
entry for competitors and new entrants in these markets, which are constrained by growth or financial capacity, and
provides an important competitive advantage for CTM.
Following the Lotus acquisition in October 2018, guarantees increased by $54.6 million to $138.2 million in December
2018.
Since 31 December 2018, the guarantees balance has reduced by $15.2 million. Subsequent to 30 June 2019,
guarantees have decreased by a further $27.1 million and at the date of this report total guarantees are $95.9 million.
This represents a $42.3 million or 30% decrease on the guarantees balance at 31 December 2018. The business
continues to rationalise guarantees with suppliers, particularly in Asia.
Subsequent to 30 June 2019, the Group refinanced the senior debt facilities. Details of the new facility are shown at
note 18. The new facility offers CTM improved rates, lower annual costs, bank diversity and allows for future growth
and flexibility.