High LeverageA debt-to-equity near 2.0 and negative returns reflect material leverage and weak capitalization. Elevated leverage increases interest and refinancing risk, limits strategic flexibility, and amplifies downside from advertising cyclicality, constraining long-term investment and balance-sheet resilience.
Weak Cash GenerationPersistent negative operating and free cash flows signal ongoing liquidity stress and poor cash conversion. This undermines the company's ability to service debt, invest in digital growth, or absorb ad-market weakness without relying on external financing, asset sales, or restructuring.
Debt Payment Grace Period & Restructuring RiskUse of a 30-day interest grace period and active restructuring discussions are signs of acute credit strain. Ongoing negotiations raise the risk of covenant stress, forced asset disposals, creditor concessions or dilution, and constrained access to capital, all of which pose multi-month structural risks.