ELD General Discussion, page-429

Cheers mate, I do not think that is that banks get spooked. The short term debt has been an enduring part of their balance sheet- it is per opex rather than capex. They have been capital light for some time- hence little capital to secure long term debt against- no matter how big they may be.

Is it sustainable?

2023 Shareholder Equity is almost exactly the capital raised since post-GFC. Everyone struggled in the GFC but ELD lost the lot and quickly.
The 2009 AR included a table showing 10 years results. The story given was- years of profits and dividends then, whamo, a black swan event.
Was it really the GFC- or had they been found swimming without trunks when the tide went out?

Something like that.

The point is- exposed to El Nino etc or exposed to economic shocks carrying expensive short term debt?

IMHO DYOR