It is not looking good, considering more than $900M in debt and cash flow of only $37M in the last 12 months. Interest expenses were $73M, nearly twice cash flow. It does of course have assets, but it is not a seller's market right now, especially in commercial real estate. It sold $41M of assets in the first quarter, but this may not be enough. Some financial covenants were recently waived. Bloomberg default risk is 14.6%. A company sale of course is possible, but otherwise the convertibles might need to be dealt with by issuing stock and causing massive dilution. We would not really expect a turn here.
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