I would think that renegotiated contracts or job cancellations would not count as uncollectible accounts receivable, which caused the $9+mm bad debt expense in q3.
More problematic is the $127mm of accounts receivable portion of total assets at the end of q3.
In qe3 PSN had revenue of $41mm and bad debts of $9 mm (- 22% of their revenue to bad "accounts receivable'). I think that some point all revenue is accounts receivable and all accounts receivable eventually becomes revenue if you ignore non-cash hedging adjustments.
I'd hate to see PSN lose 22% of the remaining accounts receivable
By the way, PSN has $201mm in total assets (inc all equip, property and deferred taxes)
If this in not put under control PSN company will die quickly.
Emailed IR re progress made in receiving receivables – no word yet