The real number is cash spent - that's $1B since Sal took over - no accounting trick or gimmick there - he spent $1B for basically a $0 return.
Now they will be $70M in debt at the end of the year based on their guidance for the restructure this quarter.
The problem is Sal and team have no track record of doing anything useful with any money, in fact their return on investment is nearly -100%. On top of paying themselves $75M over the last few years.
The street has lost all confidence and the put/call options for Jan don't look good either. The street is saying this is going to fall further if not all the way.
China is not going to sell, why would you buy the number 2 or number 3 site in China for $225M?