You can't honestly think a lender is going to exchange their high ranking debt for 400m (for example) of convertible notes for a company that has normalised cashflow of 7m p.a. That's also forgetting the declining revenues.
At 6% minimum expected coupon, razor thin margins.
You're an amateur, that's fine, we all need to start somewhere and I respect that. You should however try to learn from those that work in the industry and have called this right thus far.
SGH Price at posting:
13.5¢ Sentiment: Sell Disclosure: Not Held