Firstly, the link you provided was for SGH group, not SGH UK, u can go back and check yourself.
AND
Secondly, I didn't miss your point on D/E, you specifically said "face value debt to traded market equity, depending liquidity... implies a certain market expected write-off in face debt." Which is WRONG; and "800-1000% debt to market value equity implies in fact debt worth less than face." just doesn't make sense at all.