In question eight, we need to do a debt restructuring exercise. So what we're gonna do here is we're gonna look at Verso the way it is, and then we're going to apply a target capital structure on it based on how we'd like to see it recapitalized on it emergence from the restructuring. So the total debt instruments in D7 is basically where it stands today. So we'll go back to our Comps and we'll just go up here and we'll get the 2,879 for that. And that, of course, is the debt to EBITDA at this time is the 2,879 over the 208 for 13.8 times multiple. So what we're gonna do is we're gonna relever this company and we're gonna relever it based on the midpoint of the valuation range based on its competitors where they are trading in the market. So we're going to go and get the average and I'll go back and I'll get the average of those enterprise values inclusive of the non-core assets for this range. And that gets me to 1,449.2. Now, using that as the target capital structure, significantly less debt, we're going to see what that brings down our debt to EBITDA. So I'll take that and I'll divide it by LTM EBITDA for Verso, the 208 and that gets me to 7X. So we have a evaluation multiple of seven times earnings. Now, we'll see what the capital structure will look like with the target debt to capital ratios applied. So we're gonna take the 70% times the 1,449.2 and I'll anchor that and copy that down to the equity percentage and that will give us a debt to EBITDA multiple for the target capital structure of the 1,014 over the 208 of 4.9X, which is much more manageable and more in line with market constraints of around five to six times. Below, now, we have to look at what would happen to the existing debt if we did restructure. In this section below we have the restructuring happening and we need to determine the result for the existing creditors. First, we have some assumptions here. We have DIP financing or debtor in possession financing that is coming on the books. This is a particular kind of financing that is only allowed under US bankruptcy law chapter 11. And what it basically does is it allows a creditor, either a new creditor or an existing creditor to step up and provide additional loans, typically it's a term loan and those term loans are in place only to allow the entity that's in bankruptcy to organize itself and begin to pay off its debts. So this DIP financing of 400 will be super senior to any other debt in the capital structure including the previously senior, or most senior debt in the capital structure. That 400 is going to come out of this 1,014 total amount. So previously we had 2,132 of senior debt and then we had, in addition to that, we had the junior debt for a total of 2,897. Now, the junior debt we're not really gonna worry about 'cause they're primarily gonna get wiped out in this. But what we need to figure out is with this debtor in possession, now stepping in for the 400, what would happen to the original tranches of debt? The original senior tranches of debt. So what we're gonna do here is we're going to take the new amount of debt, which is up here in D12, and I'll anchor that. I'm gonna back out the 400 of debtor in possession financing because that's gotta come out of the total amount that's gonna be allowable. And then I'm gonna multiply that times the pro rata amount of the revolver versus the total senior debt. So that's gonna be E25 over E27. And what that tells me is, again, pro rata basis after the debtor in possession financing has been accounted for, how much will the revolving credit facility have of the remaining capital structure? And that's gonna be the 100. And then we'll simply copy that formula down and it applies the same thing for the the senior first lien or bank debt, senior bank debt, however you wanna call that. Now, obviously, again, the junior debt is gonna get wiped out here, so there's no more debt to spread around there. They're gonna get nothing in this new capital structure. The equity amount, what's gonna happen here is that the A and the revolver are gonna get some equity out of this, basically, as a consolation for being transplanted in the, overstepped in the capital structure by the debtor in possession financing. To calculate the amount of equity being offered to the various tranches of debt, we need to handle this the same way. We will take the equity amount calculated above in the target capital structure and anchor that, multiply it by the ratio of the revolving credit facility to the total current senior debt. And if we anchor the total debt in the denominator, we can copy that down. And when we add the two up, we get the total equity of 434.7, which matches the total equity in the capital structure. Now, the total debt is the sum of the subordinated and the total senior. However, once we move into the restructuring, the total debt is going to include the debtor in possession as well. So the total debt will equal 1,014.4, which matches the 1,014.4 above and the total equity, again, 434.7, matching the total equity in the target capital structure. The material here off to the right, just talks about some of the terms that will be offered, the existing creditors and we will discuss that in the debrief summary.