Given the model and sector I think the debt is in line. Though 3.3b sounds like a lot of money, as a percentage it is where it should be compared to competitors. If all assets were sold outright even at a discount due to on-the-book depreciation, there would be a book value of 1.1b over 73m shares meaning $16 to $26 (see Goldman Sachs recent valuation for AYR) outlay.
So the numbers look big to us but not in context. A leading fortune 500 company has 135 billion in liabilities. They also have 123 in equity and are trading like gangbusters. See XOM :) You can have great debt and still maintain great value in the marketplace.
At any rate, it was a good thought exercise.
Upgrading position from buy to strong buy pending announcement in 2 weeks. Moved from adding 13% to adding 35% at today's low. Dollar costed to about $17.00.