There have been three high profile share price collapses due to excessive debt in Oz in the recent past.
Commander is an IT company/telco which borrowed heavily to finance a series of acquisitions.
$2.26 down to 18.5c in 1 year. -92%
RAMS Home Group is a high street franchise based non-bank lender which was totally reliant on borrowing short to lend long and got killed when the credit crunch hit.
$2.51 down to 25.5c in 6 months. -90%
The latest one is Centro Property Group which borrows shitloads of money to buy and build shopping centres, mostly in the US.
$10.06 down to 46 cents in a few months.** -95%**
These were all reasonably big ‘household name’ type companies. Ouch.