My read is that the ICR will still be at about roughly 3x...

My read is that the ICR will still be at about roughly 3x (EBIT/i), and should be acceptable to lenders. Also the lenders can see SOL sitting on quite a shareholding - if equity was to be required. I'd expect they would be keen to underwrite something and creep up the register. Also a DRP might swing things enough to avoid that. Divs can be cut as well for a year - nobody would like that - lol.

Re the writedowns - maybe priceline is worth more now with profit improving - however this isn't really reflected in the balance sheet. I suspect that these writedowns have been somewhat factored in - obviously the balance sheet looks a bit more stretched, but market cap is about half the net assets or so after this writedown.

So I bought the dip for the above reasons - GLTA - div expected in may - could provide a bid too