4Q is when the A/R reverses and they make $50m + of operating cash flow so think that they are just earmarking 4Q cash flow to buy back debt. The interest rates they borrow at are very low and their $580m general credit facility isn't due until 2016, so no cash flow concerns. They also have $700m of working capital against that debt. They're not overlevered at all, they're just very inefficient with using their capital as we can see.
You are right, they will survive and have no real liquidity concerns today. However, the readers of this message board are concerned with the value of the common stock, which has been destroyed and replaced by debt, permanently IMO. With all the debt stacked up against the cash flow generated from their assets, there is little left for the common stockholder. BOD should be replaced....but the investment banker is good...real good!
$50M in CF is before div's and capx I believe..so it is probably closer to $40M/quarter available for debt repayment. They are in over their heads, and have permanently destroyed a lot of shareholder value. But they feel good about themselves, and that is what is important! The investment banker got a big paycheck on the deal, and that is very important too!