Looking at the annual report. There was $915million of Current...

Looking at the annual report. There was $915million of Current Assets and $958million of Total Liabilities. This means all but $43million of total debt is covered by current assets. The value of current assets(ie. cash, receivables, inventories etc) are relatively realistic and likely to be realised relatively easily. This means that apart from the first $43million of a total $594million of non-current assets, the rest goes firstly to hybrids and then to ordinary shareholders.

ie. You have to write down non-current assets by $406million before hybrid holders take a haircut!