RE: Ebitda guidance '12 I already went through the exercise using the much more pessimistic numbers from Credit Suisse's analyst. I also modeled in debt buybacks and also modeled increase in income taxes from gains on those buybacks.
Yellow cannot make it without moving a maturity or two around. However, if there were a determined management around, and if they had a less insane credit line agreement, they could do it. I think there is a way to pay back and stay out of CCAA.
Having said that, the credit line agreement is crippling. And I don't hear Yellow management saying the things I want to hear them say if they want to fight to stay out of CCAA. So currently my vote would be that they are going to enter some kind of CCAA or major restructuring of the bank debt within three months.