turned the corner?

I just bought into KBC, there looks to be massive upside buying at these prices. They should be able to renegotiate the covenants with the banks, given that they're starting to realise investments and pay off debt. There's still a large chunk of shareholder equity in the case of having to wind up the company, even if there are further write-downs on their loans.
The board are top notch, and in the half-yearly they outlined their plan for the near future regarding capital returns and paying down debt. It's a bit of a punt in the short-term (ie. having your capital tied up), but medium term KBC is a potential 10-20 bagger. :)