The case deals with strategic corporate finance issues in the backdrop of the economic downturn of 1997 in Thailand. The case presents a situation in which the foreign exchange losses arising from a steep depreciation of currency threatens to wipe out the networth of the company. The company faces bankruptcy, if its short-term dollar debt does not get rolled over. The case also raises issues concerning treatment of losses from translating dollar debt into the weakened domestic currency, from the market's perspective. It also deals with the relevance of cash flows versus profits, when a company is in distress.