Insanely cheap, page-67

I am referring you to the table in the annual report from which the debt number you have quoted is extracted:

As you can see, the enterprise value of Mount Signal 2 isUS$338.9 million. Some of the capital which makes up that value iscontributed by banks in the form of debt and some is contributed by NEW in theform of equity. The equity is worth US$100.5 million so 50% of the equityis worth US$50.25 million. Anyone who buys part of the equity also buysthe existing capital structure, that is, the balance between debt andequity. If a sale transaction is concluded, the equity will be owned bytwo parties and the debt will be unchanged.