Everything is going to depend on whether their borrowers repay...

Everything is going to depend on whether their borrowers repay their loans on time. CIY's debt reduction schedule is dependent upon these parties paying on time.

Some might say it is too finely attuned to these repayments, and if their borrowers don't come good then CIY will probably be in big trouble.

Next 3 months are critical, but it they can ride through this period they should be OK.

If not, there may need to be a real fire sale of assets.