Intermittent Cash GenerationThe company has demonstrated the ability to generate positive operating and free cash flow in multiple prior years. That track record implies underlying business levers can produce cash when operational conditions improve, offering a realistic path to restore sustainability and reduce refinancing risk over months.
Lower Absolute Debt Vs 2020A reduction in nominal debt compared with 2020 is a durable improvement in capital structure that can reduce fixed financing burden. While negative equity remains a concern, lower debt provides more flexibility for restructuring, lowering interest costs and improving solvency options over a multi-month horizon.
Asset-management, Scalable Cost BaseOperating in asset management and running a very small headcount suggests a naturally scalable, low-capex business model. If assets or fee revenue stabilize, fixed costs are low and margins can recover faster than heavy-capex peers, making margin rebound and profitability achievable over 2–6 months with revenue recovery.