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The loans were written down to zero.
Never mind that the second liens are worthless and should be written down to zero.
Rather than converting into equity when the bank's capital runs low, they would automatically be written down to 25 percent of their face value and repaid.
Those investments, which were not covered in the accounting firm's report, were written down to only a quarter of their value within the same fiscal year, he said.
However, there are lots of assets for sales including Saga, and potentially Mitie (bad acquisition at Mitie and lack of focus at Saga, now written down to zero).
That will only start to become clear when these assets are either written down to zero (unlikely) or start trading again.
Similar(13)
Try to actually do the things you write down to.
"At that time, everyone was writing down to children.
"I wrote down, 'To bring people together, in community, to share stories,' " she said.
An important modernist composer, Mr. Knussen did not write down to children in this score.
The composer Robert Schumann claimed he heard music that he then wrote down to produce the Ghost Variations.
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CEO of Professional Science Editing for Scientists @ prosciediting.com