Well hybrids are generally convertible securities so not unlike a D4E. Thing is, they would need to prove very, very strong positive cashflow in order to do that as they would need to pay a pretty compelling hybrid rate to attract the banks to do that. You can get bank hybrids at 6% or so, fully franked. They would want a premium.
IMO that would likely result in most or free cashflow erroded. Personally don't see that being feasible but that is my opinion.
Banks don't give a crap about anyone but themselves. They already allowed a negotiation/restructure once. If they can force a way to get their money back at the expense of other stakeholders, they will.
SGH Price at posting:
26.0¢ Sentiment: Sell Disclosure: Not Held
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