Seagate already started refinancing $0.45B of debt maturing 2022/2023 (relatively short term) to reduce risks.
WD has $7.26B debt due in early 2023 (and another $3.4B due in the 2024 and 2026). One will be a fool to sleep well on this massive amount of debt due pretty shortly in 2023. Debt will the main factor that will sink WD.
NAND pricing relief is only temporary. With Chinese NAND (64-layer) online, NAND price will be under pressure again within 2 quarters.