not making sense

Why would banks agreed to take equity position in the company if they don't see that the value of assets BNB holding are more quality assets hence the value much more than a fire sale price right now. The current valuation of the asset only base on current market condition. By agree to take an equity position in place of debts the banks themselve beleived that these asset worth more and they can extract more value and recover their money rather than liquidate the company and put asset on a fire sale which they won't be able to recover all money.

For sure there will be dilution of share values, shouldn't this be consider the same as capital raising? well in current market condition, you should consider as lucky if you can successfully carry out a capital raising at market price. :)

I will be holding