Who said they're eliminating the dividend?? Certainly that is an option on the table for next year, but hopefully it won't be necessary and they certainly haven't made any statements to that effect other than saying that they are considering lots of options.
Increasing the payout ratio would be a bad thing (or at least riskier)! They are not saying they're going to pay more dividends -- they're going to reduce the amount of cash available for distribution to pay off debts. If they keep the dividend the same, then the payout ratio increases. Unfortunately one of the options on the table also seems to be to decrease the dividend, although they are of course very cagey about saying this explicitly.
Results are out. Cash flows and project income increased YTD. Payout ratio first nine months = 43%. Narrowed guidance for 2013 project adjusted EBITDA to 260-275M, formerly 250-275M. Reaffirmed guidance for 2013 cash available and payout ratio. Project income for the quarter was down a bit, largely due to non-cash adjustments. Operating cash flow increased both for the quarter and YTD. At first glance it seems fine, no surprises.