Believe SGH will replace some bank debt with self-liquidating...

Believe SGH will replace some bank debt with self-liquidating debtor finance (though, still debt - but less covenants) which ease the bank syndicate.

In addition, I believe SGH has increased focus on converting WIP into cash/receivables by settling cases earlier than usual (might not be in best interest of client, but clearly in best interest for SGH).

My bet is, that SGH is another ELD - with a better starting point. After restating WIP and outlook, reducing bank debt with debtor finance, (potential divestment of part of business) and cost cutting, the share price will increase and stabilize around $2 - if necessary, a capital raising will be completed to reduce debt, but would not expect it, assuming bank debt reduced to $500 (from $720 FY15) by debtor finance and a normalized EBITDA of $150m - debt/EBITDA 3.33x