How about they swapped 350 m debt for 80% of company
This is what anchorage has done with Alinta energy a couple of year back. They swapped debt for 80% of company
350 mil / 1.4 bil share = 25 cents per share
lender can then offload these shares, and still hold 350 mil debt
win, win situation for both share holders and lender.
some meat left on the bone for long suffering shareholders.