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Many people consider the Altman Z-score less relevant nowadays as it's based on an outdated sample of much smaller companies relative to today. Still, it may provide another data point to consider. However, the retained earnings has a powerful effect on the z-score and in ISAT's case increasing it by between 100m and 200m brings the z-score into the 'grey zone' which is inconclusive regarding likelihood of bankruptcy. And of course, a quick and simple, albeit painful, way to increase retained earnings is to slash the dividend by a similar amount. This would wipe the dividend more or less completely which they prob. won't want to do, but a cut of ca. 50% seems unavoidable soon.
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