Total consolidated cash and cash equivalents at June 30 , 2009 was R $ 1.1 billion including R $ 70 million from a second securitization of Gafisa receivables and Tenda 's R $ 600 million Caixa debenture , while net debt including obligations to investors was R $ 1.5 billion . As of June 30 , 2009 , our net debt and obligation to investors to equity and minority interests ratio was 65.6 % compared to 61,9 % in 1Q09 and 36.9 % in 2Q08 . On July 21 , 2009 , 97.65 % of holders of the fourth issue of debentures voted to remove a covenant restricting net debt to R $ 1 billion that was negotiated in 2006 , when Gafisa 's equity was less than half its current amount . Cash burn this quarter was R $ 111 million compared to R $ 115 million in the first quarter of 2009 , down from R $ 360 million in the fourth quarter of 2008 .