A market cap of $50 million, outstanding debt of nearly $400 million.
So how does it repay the debt? Debt to equity swap at these levels will completely wipe out everyone. But why would the lenders convert? Management would have chewed through the cash by the time it happens and what are the "assets" worth given that Fortescue is just hanging on at 180 Mtpa and it owns rail and port infrasturcture.