korda mentha, page-5

Totally agree Perth FX.
It is very hard to see MAH survive from here.
Below is an article from yesterdays Business Spectator AM:-
Fortescue’s decision to scrap a $1.8 billion contract with services group Macmahon Holdings has hit the latter hard and questions continue to mount about how understanding its lenders will be.
Macmahon Holdings continues to confront an uncertain future after its largest mining contract was scrapped by Fortescue Metals Group last month. The Australian Financial Review reports that lenders for its $317.5 million debt facility have hired insolvency firm 333 Capital while Macmahon works feverishly to convince them to hold strong. It is believed the 2014 deal allows lenders the right to withdraw from the agreement upon the loss of any key Macmahon contract.
While Macmahon is pushing for a resolution, the company has previously said it has other funding alternatives, including asset sales. However, any sales will likely come at a sharp discount to book value in the current depressed market, with investors showing little confidence in a resolution in allowing its market value to sink to $60m.