On February 6, 2026, Amazon’s stock experienced a sharp decline, falling as much as 11.5% in after-hours trading and nearly 5% during regular hours. The primary trigger was CEO Andy Jassy’s “bombshell” announcement that the company plans to spend a staggering $200 billion on capital expenditures (CapEx) in 2026.

This marks a massive 54% increase over the ~$130 billion spent in 2025 and significantly exceeds the ~$146 billion analysts had projected.

1. The $200 Billion “Sticker Shock”

The market’s reaction reflects deep-seated anxiety over “Big Tech’s” spiraling AI costs. While peers like Google ($185B) and Meta ($135B) also announced massive budgets, Amazon’s $200 billion figure is the highest in corporate history.

• Where the money is going: Jassy confirmed the “bulk” of the spend is earmarked for AWS AI infrastructure, custom chips (Trainium/Graviton), robotics, and Amazon Leo (its low-earth orbit satellite constellation).
• The “Jassy Defense”: Jassy struck a defensive tone, arguing that the investment is necessary to meet “unprecedented demand” for AI. He emphasized that AWS is already monetizing capacity as fast as it can be installed.
• Cash Flow Strain: Analysts noted that $200 billion in spending would likely exceed Amazon’s operating cash flow, potentially forcing the company to dip into cash reserves or rely on debt.

2. Mixed Q4 2025 Earnings

The CapEx guidance overshadowed what was otherwise a strong operational quarter for the 2025 holiday season.

• The 2-Cent Miss: While the EPS miss was small, it rattled investors who were already wary of the high spending.
• Special Charges: Profits were weighed down by $2.4 billion in one-time costs, including a $1.1 billion tax dispute settlement in Italy and $730 million in severance for 30,000 recent layoffs.

3. Strategic Retreat: The Physical Store “Reset”

As Amazon pivots toward AI and digital dominance, it is aggressively scaling back its experimental physical retail presence.

• Store Closures: Amazon announced the closure of nearly all Amazon Go and Amazon Fresh locations, resulting in a $610 million asset impairment charge.
• The Whole Foods Pivot: The company will instead double down on grocery delivery and convert some high-performing Fresh sites into Whole Foods Market locations.

4. Q1 2026 Guidance: A Cautious Outlook

Amazon’s forecast for the current quarter further dampened investor enthusiasm:

• Operating Income: Projected between $16.5B and $21.5B, trailing the consensus estimate of $22B.
• Leo Costs: The guidance includes a $1 billion cost increase specifically for the initial commercial rollout of the Leo satellite network.

Conclusion: A Test of Endurance

The 10% drop suggests that Wall Street’s patience for “growth at all costs” is wearing thin. Investors are no longer satisfied with strong top-line revenue; they are demanding a clear “path to returns” for the historic amounts of capital being poured into the AI arms race. For Amazon, 2026 has become a high-stakes test of its balance sheet endurance.

In its final bi-monthly meeting of the 2025–26 fiscal year, the Reserve Bank of India (RBI) unanimously decided on February 6, 2026, to keep the benchmark repo rate unchanged at 5.25%.

Coming just days after the Union Budget, this decision signals a shift toward a “prolonged pause” as the central bank balances blistering economic growth with emerging global uncertainties.

1. The Monetary Policy Snapshot

The Monetary Policy Committee (MPC), chaired by Governor Sanjay Malhotra, opted for stability following a cumulative 125-basis-point reduction in rates over the past year.

2. Why the RBI Hit the “Pause” Button

Governor Malhotra described India as being in a “Goldilocks” spot—an ideal economic state where growth is accelerating while inflation remains relatively tame.

• The “US Trade Deal” Buffer: The landmark agreement between New Delhi and Washington, which slashed U.S. tariffs on Indian imports from 50% to 18%, has significantly eased external pressure on the rupee and export margins, giving the RBI more “policy cover” to hold rates.
• Benign Inflation: Headline inflation remained within the tolerance band (recording 1.3% in December 2025), primarily driven by ongoing food deflation.
• Precious Metal Volatility: The RBI noted a slight “hawkish tilt” due to rising prices of precious metals (gold and silver), which are projected to contribute roughly 60-70 basis points to future inflation figures.
• Wait-and-Watch on Data: With a new series for GDP and CPI (base 2024=100) set for release on February 12, 2026, the MPC preferred to wait for the updated statistical landscape before making further moves.

3. Growth & Inflation Outlook

The RBI marginally upgraded its economic projections for the upcoming year, fueled by robust domestic demand and new international trade pacts (US and EU).

• GDP Growth (FY26): Revised upward to 7.4% (from 7.3%).
• CPI Inflation (FY26): Projected at 2.1% (up from 2.0%), reflecting the impact of precious metal costs.
• FY27 Projections: Inflation is expected to rise to 4.0% (Q1) and 4.2% (Q2) due to unfavorable “base effects” from the sharp price drops seen in early 2025.

4. Key Regulatory & Consumer Measures

Beyond interest rates, the February policy introduced several high-impact structural changes:

• Digital Fraud Shield: A new framework to compensate customers up to ₹25,000 for losses in small-value fraudulent transactions.
• MSME Credit: The limit for collateral-free loans to micro and small enterprises was doubled from ₹10 lakh to ₹20 lakh.
• Real Estate Boost: Banks are now permitted to lend directly to REITs, providing a cheaper source of capital for the commercial real estate sector.
• FPI Liberalization: The ₹2.5 lakh crore cap on foreign investment in corporate bonds under the Voluntary Retention Route (VRR) has been scrapped.

Conclusion: Stability is the New Signal

By maintaining the 5.25% rate and a neutral stance, the RBI is signaling that the era of aggressive rate cuts is likely over. For the average consumer, this means home loan EMIs and FD rates are expected to remain stable in the near term. The central bank is now focused on “effective transmission”—ensuring that the 125 basis points of cuts already announced fully reach the end-borrowers.

On February 6, 2026, RBI Governor Sanjay Malhotra announced that the Reserve Bank of India has revised its real GDP growth forecast for FY26 (2025–26) upward to 7.4%, up from the previous estimate of 7.3%.

The central bank’s optimistic outlook suggests that India is successfully navigating global headwinds through a combination of landmark trade deals, robust domestic demand, and a resilient services sector.

1. FY26 GDP Growth Revision

The RBI’s Monetary Policy Committee (MPC) revised its growth projections during its final bi-monthly meeting of the 2025–26 fiscal year.

• Fastest Growing Major Economy: At 7.4%, India continues to outperform all other major global economies, supported by what Governor Malhotra described as a “steady improving trajectory.”
• Economic Survey Comparison: The RBI’s 7.4% peg is notably more bullish than the 6.8%–7.2% range projected in the Economic Survey 2025–26 released earlier in the month.

2. The “Trade Deal” Catalyst

A major driver behind the growth upgrade is the recent success on the international trade front.

• India-US Trade Breakthrough: The recent agreement with Washington—which saw U.S. tariffs on Indian imports cut from ~50% to 18%—is expected to significantly boost merchandise exports in the coming quarters.
• India-EU FTA: The landmark comprehensive trade pact with the European Union has provided a structural cushion, helping India diversify its export destinations and insulate itself from regional geopolitical shocks.

3. Domestic Drivers: Consumption & Investment

Governor Malhotra highlighted several “internal engines” that are keeping the growth momentum strong:

• Private Consumption: Projected to expand by 7% in FY26, bolstered by income tax cuts from the Union Budget 2026 and GST rate rationalization.
• Agricultural Resilience: Robust rabi sowing and healthy reservoir levels suggest a strong performance in the rural economy, which in turn supports rural demand.
• Public Capex: The government’s continued focus on infrastructure—supported by a ₹12.2 lakh crore capex outlay—is effectively “crowding in” private investment.

4. The “New Series” Transition

Investors should note that the current projections are the last to be based on the existing statistical base.

• New GDP & Inflation Series: Governor Malhotra announced that the Ministry of Statistics (MoSPI) will release a new GDP and CPI series (with a revised base year of 2024=100) later in February 2026.
• April Policy Guidance: Consequently, the RBI has deferred the full-year projections for FY27 until the April 2026 policy, as it needs to re-calculate data using the updated series.

Conclusion: A “Goldilocks” Economy

By raising the growth target to 7.4% while projecting a benign 2.1% inflation for FY26, the RBI is signaling that India remains in a “Goldilocks” zone—where growth is high and inflation is under control. Despite global volatility, the central bank’s decision to maintain a “neutral” stance gives it the flexibility to support this 7.4% trajectory throughout the year.

On February 6, 2026, RBI Governor Sanjay Malhotra announced a significant policy shift by proposing to allow commercial banks to lend directly to Real Estate Investment Trusts (REITs).

This move effectively ends a long-standing restriction where banks were previously only permitted to lend to the underlying Special Purpose Vehicles (SPVs) rather than the parent Trust structure itself.

1. Why the Policy Shift?

The RBI cited the “strong regulatory and governance framework” now governing listed REITs as the primary reason for this liberalization.

• Objective: To diversify funding sources for the real estate sector and reduce the reliance of REITs on more volatile capital markets and expensive private debt.
• Harmonization: The move aligns the treatment of REITs with Infrastructure Investment Trusts (InvITs), which were already permitted to receive direct bank financing.
• Institutional Maturation: As REITs have proven to be stable vehicles for monetizing income-generating assets (offices, malls, and warehouses), the RBI now views them as lower-risk borrowers compared to traditional, under-construction real estate projects.

2. Key Benefits for the Real Estate Sector

Industry experts from CBRE, Knight Frank, and JLL have lauded the move as a “major boost” for the following reasons:

• Lower Borrowing Costs: Banks are expected to offer interest rates in the range of 7% to 8%, significantly lower than the 10% to 12% typically seen in private debt or non-convertible debentures (NCDs).
• Cheaper Refinancing: REITs can now use stable bank loans to refinance existing high-cost debt, directly improving their distributable cash flows for investors.
• Faster Expansion: Direct access to bank credit allows REITs to be more agile in acquiring new completed assets or expanding their current portfolios.

3. Safeguards and Regulatory “Riders”

While the doors are opening, the RBI will not allow “blind lending.” The central bank is currently drafting specific prudential safeguards, which are expected to include:

• Exposure Limits: Caps on how much a single bank can lend to a specific REIT or the sector as a whole.
• Listed Only: Direct lending will likely be restricted to listed REITs that adhere to SEBI’s transparency and distribution norms.
• Purpose Restriction: Loans will primarily be targeted toward income-generating assets rather than speculative land bank acquisitions.

4. Broader Context: A “Real Estate Friendly” MPC

The REIT announcement was one of several measures in the February 2026 policy aimed at stabilizing the sector:

• Repo Rate Stability: The benchmark rate was held at 5.25%, providing predictability for home loan EMIs and developer funding.
• Budget Alignment: The move complements the Union Budget 2026 proposal to use REITs to monetize real estate assets of Central Public Sector Enterprises (CPSEs).

Conclusion: A Shift to Stable Infrastructure

By allowing banks to fund REITs directly, the RBI is effectively treating commercial real estate trusts more like “infrastructure” than “speculative construction.” This shift is expected to attract deeper pools of domestic capital and lower the cost of doing business for India’s largest commercial landlords.

In a major move to bridge the credit gap for small businesses, RBI Governor Sanjay Malhotra announced on February 6, 2026, that the limit for collateral-free loans for Micro and Small Enterprises (MSEs) will be doubled from ₹10 lakh to ₹20 lakh.

The decision was a highlight of the final Monetary Policy Committee (MPC) meeting of the 2025–26 fiscal year, aimed at facilitating easier access to formal credit for entrepreneurs who often lack significant assets to pledge as security.

1. Doubling the Safety Net

The enhancement of the loan ceiling is designed to help micro-entrepreneurs scale their operations without the “entry barrier” of mortgaging property or other assets.

• Effective Date: The revised limit will apply to all loans sanctioned or renewed on or after April 1, 2026.
• Eligible Borrowers: Primarily directed at Micro and Small Enterprises (MSEs). This includes those operating in manufacturing, services, and retail/wholesale trade (which are classified as MSMEs for priority sector lending).
• Unsecured Lending: Since these loans are “collateral-free,” banks and NBFCs cannot ask for land, buildings, or jewelry as a mortgage for amounts up to ₹20 lakh.

2. Integration with the MUDRA Scheme

The RBI’s move aligns with a broader recommendation to harmonize limits across various government schemes.

• Mudra Refinance: While the current Pradhan Mantri Mudra Yojana (PMMY) has three categories—Shishu (up to ₹50,000), Kishore (up to ₹5 lakh), and Tarun (up to ₹10 lakh)—the new RBI cap effectively paves the way for a potential “Tarun Plus” category or an extension of the existing Mudra limits to ₹20 lakh.
• No Processing Fees: Consistent with current collateral-free norms for small borrowers, these loans typically feature no processing fees and simplified documentation.

3. Why Now? The “Credit Gap” Problem

Despite being the backbone of the Indian economy (contributing ~30% to GDP), many small units remain “credit starved.”

• Informal Sector Dependence: Reports suggest nearly 40% of MSMEs still rely on informal lenders who charge exorbitant interest rates because they cannot provide collateral to formal banks.
• Digital and Cash-Flow Lending: The RBI is encouraging banks to move away from “asset-centric” models toward cash-flow-based lending. By using digital footprints (GST data, UPI transactions, and the Udyam Assist Platform), banks can now assess the creditworthiness of a small business without needing a physical mortgage.

4. Safeguards and Risk Management

While the move is welcomed by industry bodies, banking experts have voiced some caution:

• Asset Quality: Unsecured lending carries a higher credit risk. The RBI has urged banks to strengthen their internal “appraisal mechanisms” to prevent a rise in Non-Performing Assets (NPAs).
• Credit Guarantee: Most of these loans will be backed by the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), which provides a fallback for lenders in case of default.

Conclusion: Empowering First-Generation Founders

The hike to ₹20 lakh is a “Goldilocks” move—large enough to provide meaningful working capital for a growing business, yet small enough to be managed under existing credit guarantee umbrellas. For thousands of first-generation entrepreneurs in India, this represents a significant shift from “borrowing against what you have” to “borrowing against what you do.”

In a significant move to liberalize foreign investment, RBI Governor Sanjay Malhotra announced on February 6, 2026, that the central bank is scrapping the ₹2.5 lakh crore ($27.7 billion) overall investment limit under the Voluntary Retention Route (VRR).

This decision is part of a broader push to deepen the Indian corporate bond market and attract more stable, long-term foreign capital.

1. What is the Voluntary Retention Route (VRR)?

The VRR was introduced in 2019 as a separate channel to attract Foreign Portfolio Investors (FPIs) to the Indian debt market.

• The “Give-and-Take”: In exchange for committing to stay invested in India for a minimum of three years, FPIs are exempt from several regulatory restrictions that usually apply to the “General Route,” such as concentration limits or minimum residual maturity requirements.
• The Benefit: It allows large institutional investors to hold significant portions of a single bond issuance, making it easier to manage large-scale debt portfolios.

2. Why Remove the Cap Now?

The removal of the ₹2.5 lakh crore ceiling reflects a maturing debt market and changing global dynamics.

• Shift to Global Indices: Since the inclusion of Indian government bonds in major global indices (like J.P. Morgan’s GBI-EM) in 2024-25, the reliance on the VRR window has naturally decreased.
• Prudential Safeguards: While the overall ₹2.5L crore cap is gone, the RBI clarified that investments under VRR will still be subject to the sectoral ceilings applicable under the General Route. This ensures that while there is more “room” for investors, the total foreign exposure to the Indian economy remains within safe limits.
• Stable Participation: By lifting the limit, the RBI aims to encourage “sticky” foreign participation, where investors are incentivized to remain committed to India’s growth story for at least three years, rather than engaging in short-term speculative trades.

3. Accompanying Corporate Bond Reforms

The cap removal was part of a suite of measures announced during the February 2026 MPC meet to modernize the debt market:

• Total Return Swaps (TRS): In line with the Union Budget 2026-27, the RBI will introduce a framework for Total Return Swaps on corporate bonds, allowing investors to gain economic exposure without owning the underlying asset.
• Credit Index Derivatives: A new regulatory framework will enable derivatives linked to corporate bond indices, providing better risk-management tools for large debt holders.
• ECB Liberalization: The RBI also finalized norms to further liberalize External Commercial Borrowing (ECB), making it easier for Indian corporations to raise debt from overseas.

4. Market Impact

The move is expected to primarily benefit large global pension funds and sovereign wealth funds that prefer the flexibility and scale the VRR provides.

• Liquidity: Analysts expect a gradual increase in secondary market liquidity for high-quality corporate bonds (AAA and AA+ rated).
• Pricing Efficiency: With more foreign participation, the “yield spread” between government securities and corporate bonds is expected to narrow, lowering the cost of borrowing for Indian firms.

Conclusion: A “General Route” Alignment

The scrapping of the VRR cap effectively integrates the route more closely with India’s general debt market framework while preserving its core “lock-in” benefit. For the RBI, it is a vote of confidence that India’s macro-stability is strong enough to handle uncapped, yet regulated, long-term foreign debt inflows.

In a significant update to its India strategy, J.P. Morgan has shifted to a more constructive stance on Indian equities as of February 2026. The firm notes that while India has traditionally traded at a “premium” compared to other emerging markets, the valuation gap has narrowed below its long-term average, making the market increasingly attractive for entry.

This update follows a period of “healthy rotation” where global investors pivoted away from high-priced tech stocks (following the “SaaSpocalypse” sell-off) toward markets with resilient domestic fundamentals.

1. The “Narrowing Gap” Rationale

J.P. Morgan analysts, led by Sanjay Mookim (Head of India Equity Research), highlight that the recent price corrections and steady earnings have made India’s “demanding” valuations more justifiable.

• Premium Sustainability: The firm believes India’s premium to emerging market (EM) peers is now sustainable because the earnings downgrade cycle has abated.
• Relative Attractiveness: With other Asian markets and the U.S. seeing high volatility, India’s steady low double-digit earnings growth (projected at 13% for 2026) offers a “stability hedge” for global portfolios.
• Nifty Target: J.P. Morgan maintains a base-case target of 30,000 for the Nifty 50 by the end of 2026, driven by this re-rating and resilient domestic capital flows.

2. Strategic Sector Preferences

Rather than a “buy everything” approach, J.P. Morgan is advocating for a selective strategy focused on domestic consumption and high-quality “out-of-favor” stocks.

3. Key Tailwinds for 2026

The firm identifies three major catalysts that could drive Indian markets toward its 30,000 Nifty target:

• The “China-Plus-One” Maturity: India is no longer just a “potential” alternative; J.P. Morgan sees it emerging as a genuine manufacturing hub in electronics and specialty materials, supporting export growth.
• Budget Realism: Analysts described the Union Budget 2026-27 as “realistic,” noting that its focus on cyclical growth and semiconductor missions (India Semiconductor Mission 2.0) provides a clear structural roadmap.
• Domestic Flow Resilience: Even as Foreign Institutional Investors (FIIs) remained volatile, the steady flow of domestic SIPs (Systematic Investment Plans) has provided a floor for valuations.

4. Identified Risks: The “Supply Factor”

Despite the better valuations, J.P. Morgan warns that several headwinds could “cap” the near-term upside:

• Equity Over-Supply: A heavy pipeline of IPOs, promoter sales, and block deals could soak up liquidity and prevent a sharp upward breakout.
• Currency Weakness: After adjusting for rupee depreciation, dollar-adjusted returns for international investors may be limited to mid-to-high single digits.
• Global Fragmentation: Rising trade tensions and the “fractured world order” remain the biggest external threats to India’s export-heavy sectors.

Conclusion: A “Goldilocks” Entry Point?

For J.P. Morgan, India in 2026 represents an economy “gaining altitude.” The firm’s shift suggests that while the era of “cheap” Indian stocks is gone, the current “fair” valuations combined with structural reforms make it one of the most attractive emerging markets for the next 24 months.

In a blockbuster earnings report released on February 5, 2026, Nykaa (FSN E-Commerce Ventures) announced that its consolidated net profit for the third quarter (Q3 FY26) skyrocketed by 2.5 times to reach ₹68 crore.

The results significantly exceeded analyst expectations, driven by a strong festive season, improved operating efficiency, and a robust performance in its core beauty segment.

1. Q3 FY26 Financial Highlights

Nykaa’s “seasonal high” quarter (ending December 2025) saw growth across all key financial metrics.

• Exceptional Impact: The reported profit includes a one-time impact from the implementation of new labor codes. Excluding this exceptional item, the net profit would have been approximately ₹78 crore.
• Sequential Growth: Profit more than doubled from the ₹33 crore recorded in the previous quarter (Q2 FY26).

2. Segment Performance

While beauty remains the engine of the company, the fashion segment showed a notable reduction in losses.

• Beauty & Personal Care (BPC):
  • Revenue: ₹2,622 crore (up 27% YoY).
  • GMV: ₹4,302 crore (up 27% YoY).
  • EBITDA Margin: Improved to 10.1% from 8.8%, reflecting premiumization and the success of in-house brands like Dot & Key and Kay Beauty.
• Fashion:
  • Revenue: ₹235 crore (up 18% YoY).
  • GMV: ₹1,476 crore (up 31% YoY).
  • Strategy: Despite intense competition, losses narrowed as the segment benefited from higher-value orders and optimized marketing spends.

3. Strategic “Quick Commerce” & AI Moves

Nykaa is pivoting toward faster delivery and technology-led discovery to maintain its market lead.

• Nykaa Now: The company’s quick-commerce service is now live in 7 major cities, offering delivery in as little as 30 minutes. It currently features a curated assortment of 700+ brands.
• AI Integration: CEO Falguni Nayar highlighted that Artificial Intelligence is being used to improve digital marketing efficiency and “personalized discovery,” which helped drive the 28% jump in active advertisers.
• Physical Footprint: Nykaa expanded its offline presence to 276 stores across 94 cities, with new specialized formats like Nykaa Perfumery seeing 3x higher average order values than standard stores.

4. Stock Market Reaction

Investors cheered the results, viewing the 179-basis-point margin expansion as a sign of long-term sustainability.

• Share Surge: Nykaa’s share price rose by 4% to 5% on the morning of February 6, 2026, hitting a one-month high of ₹271.80 on the NSE.
• Market Cap: The rally pushed the firm’s market capitalization back above the ₹76,000 crore ($8.5 billion) mark.

Conclusion: Profitability Over Volume

Nykaa’s Q3 performance suggests the company has successfully transitioned from “buying growth” to “harvesting profit.” By leveraging its “House of Brands” and expanding into high-margin categories like luxury fragrances, Falguni Nayar’s firm is proving that it can defend its territory against both traditional retailers and the rise of generalist quick-commerce players.

The crisis at the Kota-based coaching giant Resonance reached a breaking point on February 6, 2026, as lenders successfully obtained a court order to freeze the group’s expense accounts.

The action follows a multi-year struggle to settle nearly ₹800 crore in debt owed to a mix of banks and non-banking financial companies (NBFCs).

1. Impact on Employees and Subsidiaries

The freeze has immediately paralyzed the company’s ability to handle operational costs.

• Salary Delays: In an internal note dated February 3, 2026, the management informed staff that salaries and other expenses might not be disbursed until at least February 11, 2026, while legal teams work to vacate the stay.
• BASE Educational Services: The freeze has also affected Resonance’s Bengaluru-based subsidiary, BASE Edu. Despite BASE having sufficient internal liquidity to cover a year’s expenses, the court-mandated freeze prevents the company from accessing those funds.
• Management’s Defense: Resonance management has sought to distance its subsidiaries from the crisis, stating that BASE staff are “undergoing the ordeal for no fault of their own.”

2. The Anatomy of the ₹800 Cr Debt

Sources indicate that the financial distress is a combination of aggressive expansion and non-core investments.

• Funding History: The ₹800 crore debt was accumulated over several years to fund growth, including the acquisition of Accelerating Education & Development (AEDPL).
• Real Estate Diversion: A significant portion of the borrowed capital was reportedly diverted into real estate investments. When these assets failed to generate expected returns, the company began missing interest payments, eventually triggering lender action.

3. The Decline of a Kota Giant

Resonance, once a dominant name in the IIT-JEE prep market, has faced a steep decline over the last decade.

• Enrollment Crash: At its peak 8-10 years ago, the firm saw over 80,000 annual enrollments. Today, that number has reportedly dwindled to just 1,000 students at its sole operational center in Kota.
• Competitive Pressure: The company struggled to adapt to the “Covid-induced” shift to digital learning and faced intense competition from digital-first players like PhysicsWallah and legacy rivals like Allen.

4. Shifting Landscape of Offline Coaching

The Resonance crisis highlights the current “sustainability” struggle in the offline coaching sector.

Conclusion: A Race Against Time

Resonance is currently in a high-stakes negotiation with its lenders. While the company expects legal relief by February 11, the long-term survival of the brand depends on its ability to restructure the massive debt and find a sustainable path forward in a market that has largely moved on.