In other words "The Assets go Private and the Debt goes Public"
From my Broker's Newsletter:
Qantas Airway's short term (1 year) commitments are greater than its holding of cash and other short term assets
Qantas Airway's long term commitments exceed its cash and other short term assets
In other words it is cash flow that is servicing debt.
Maybe that is why Mr Clifford is asking the Government to lift the ownership limits!
According to my calculations the Debt to Debt plus Equity is now at 75% which is the highest it has ever been.
According to the CASA website Qantas is buying A320s at a rapid rate before the Accounting changes kick in.