Question-and-Answer Session
Thank you, [Operator Instructions]. And our first question comes from the line of Paul Sankey of Deutsche Bank. Please proceed.
Paul Sankey - Deutsche Bank Securities
Interesting person of Deutsch Bank but thank you. Paul you spoke that you are pleased about the progress on strength in the balance sheet. Could you say a little bit more about that? It seems to me a deliberate comment that you've made.
Paul L. Foster - President and Chief Executive Officer
Yes, we're very pleased with the process. The process is ongoing, and we've commented on it for a number of months now. But we're still not in a position to give you any details about that process, about the process itself.
Paul Sankey - Deutsche Bank Securities
The process is essentially remains divestments?
Paul L. Foster - President and Chief Executive Officer
That is, yes absolutely.
Paul Sankey - Deutsche Bank Securities
That interest guidance you gave us at $36 million I guess is reflective of the step up that you had at the end of 3Q in terms of the premium of LIBOR?
Paul L. Foster - President and Chief Executive Officer
Yes it is.
Paul Sankey - Deutsche Bank Securities
So that's kind of a I guess is that... would that be the expectation for how to put this about as bad as it gets into 2009, I mean I guess LIBOR was pretty aggressive throughout the period you paused and is likely to stay that way. I would imagine that your net interest charges wouldn't get a whole lot worse than that into 2009.
Paul L. Foster - President and Chief Executive Officer
I wouldn't expect that to be case.
Paul Sankey - Deutsche Bank Securities
And is there any other tensions on the balance sheet that we know about. I mean you've given us some summary data, is there... can you talk for example about covenants, I mean I guess this quarter has done an awful lot in order to make you very comfortable going forward in terms of covenants. But if there is any other commentary you can give us these days seem to be turning into more of a debt analyst than a credit, and SP [ph] analyst, but I guess that's just the way of the world. But if you could just help us out that would be great and I leave it there? Thanks.
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