The company had enormous debt from its major acquisitions over the last 20 years. It’s an interesting story because the company was in a difficult position where it was forced to consolidate with other similar carriers just to stay competitive, but ultimately couldn’t generate the revenues needed to pay off the debt from the acquisitions.
Looks like they were counting on interest rates staying next to nothing for awhile. Lots of people going to be in trouble here as there mortgages come up for renewal - they’re pretty stretched as it is.