I doubt an equity / debt swap is likely - as you mention, there is little incentive for the banks to take equity in this case.
What is likely is an agreed time-frame for a thorough rationalisation of the business. Hopefully the UK arm can be reduced to a profitable core and a definite future mapped out for it.
The domestic business is solid and should keep chugging along. However it cannot support the staggered repayment of the huge debt on its own.
Something has to be done about the UK. What were management thinking in not allowing for working capital requirements when they had the large share issue last year?
Can't help but think of kids rampaging through the lolly shop. Perhaps that's being unkind.
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