harrydent,
The gloomy picture you've painted must have assumed that all BLY customers will default. But BLY's customers are big and are not likely to default. There is close to $339m in receivables which over the course of the year BLY will be able to collect. So paying $85m due in April 2010 should not be a problem.
Besides, 4 of BLY's top 10 customers are big gold producers. BLY will still be able to generate cash in 2009.
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