Covenant Breach - The End is Nigh, page-4

That is a drop in the ocean. Debt mountain is as follows:
Average daily gross debt 241
Pref shares 255
Pension plans 153
Taxation 4
cash loss since year end 30
Total 683

In administration they will have the following incoming cash:

Cash in hand 55
50% of AR 276 assume half will not bother to pay
50% of inventory 138 assume sold at fire sale price
Total 469
Less fees estimate 50
Net 419

So there will be a shortfall of $264m - ie nothing left for PPX or PXUPA.