Clearly TIM is under bankers instructions, but there still seems...

Clearly TIM is under bankers instructions, but there still seems to be enough assets for survival. Looking at the balance sheet and assuming
-the loan book runs off with another 2.5% loss
-Both the forestry and ag assets are sold off at 25% discount to directors valuation
-Half the TIMPB are converted

you get a debt figure of around $160m,SHF of high $400s and assets of around $750. Add another cap ex of $200m less non capex operating cashflow of $100m and you get a not highly geared entity; profits will be garbage because the interest costs are going up and there is no new sales margin, but it is an eminently survivable entity, provided it can sell those assets