As indicated last July when we published our Q1 2017 earnings, the Group’s liquidity could total almost $0.2bn by the end of the year/start of next year. If we convert that figure into a post-financial restructuring pro forma context, our liquidity would total almost $0.5bn (i.e. an increase of +$0.3bn) against gross debt of $1.2bn: this would mean the Group has net debt of $0.7bn on completion of its financial restructuring.
This is almost $2bn less than what the Group’s net debt would be by the same timeframe if financial restructuring does not take place (i.e. close to $2.7/2.8 billion if we take into account interest on existing debt, that is unpaid but remains due and continues to accrue).
It should be noted that the $0.7bn level of net debt post-restructuring at the end of 2017 would correspond to a leverage ratio (net debt to EBITDA) of close to 2.1x, whereas it would be almost 8.5x if no financial restructuring were to take place.