Cash is important as it is currently available, by definition. Debt may or may not be currently subject to payment demand. Most likely it is due at varying amounts and 'maturities', be it due to banks or bondholders. Cash on hand buys time and strategic options not available to those without same. Is cash determinative regardless of nearby maturities or market position or susceptibility to changes in costs of production or distribution, of course not.
11 Stocks Selling Below Cash [View article]