Given that RCY was created in the heyday of high debt-to-equity,...

Given that RCY was created in the heyday of high debt-to-equity, I would guess they would have to do a significant cap raising, and seek a "corner-stone" investor, to get their gearing down to 30% or so. I assume they will have to establish traffic numbers to value the asset/equity of the company before they do that (CEU had to raise, raise, and I think raise again to get the gearing right).

I sold RCY at 17c (damn), but bought into CEU (34c, good!) after their raisings were done. Hope to buy back into RCY at a lower price after my predicted raisings and cornerstone investor dilution pain is over.