You might want to check the last quarterly. $60M of the 100M was already drawn down. They only had 51M cash at the end of the last qtr - meaning a net cash position of -$9M (cash less wc facility drawn down).
Doesn’t look like they are going to improve this situation much this coming qtr with the low recoveries.
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- Credit Suisse note to clients today
Credit Suisse note to clients today, page-22
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