The $800M is not specifically stated, though it can be inferred from other figures to be in that range.
Broad terms, they are retaining $35M and releasing all other debt - keeping the $40M "capital headroom" funding from March, along with the first £250M from any Watchstone settlement and/or specific UK asset sales.
Equity = Assets - Liabilities and they are just shifting $XXXm from Liabilities over to Equity side.
Using a bit of maths, you can make a case that at a current market cap of $40M (Equity), @96% dilution, they are valuing the company at $1B and their 96% of it at $960M - or at MCap of $35M, they value the company at $875M and their share at $840M...
We know that the outstanding debt was around $770M + the $40M capital headroom.
It kind of doesn't even matter. It could be $700M or $600M or $900M - they have basically said - we'll wipe off MOST of the debt, in exchange for MOST of the company - and all the potential good bits (aka Watchstone) that are currently in the pipeline.
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