This level of debt is easy to get: $500 million financing a manufacturing facility plus floating $1 billion of accounts payable for materials. Nominally, if you have $1 billion of parables, you probably have at least $2 billion of receivables, though.

What’s crazy is the range on the liability estimate. Maybe there is a good reason for it. But 1b-10b is an absolutely massive window?

My guess would be: Private Equity