sell assets v unlock equity(recapitalise)?

IF BBI were to refinance some corporate debt into asset level debt, which assets have most room to move(from a debt/equity and interest cover angle)?

Is that a solution, that either some corporate debt or even sparcs is recapitalised into asset level debt? maybe instead of selling DBCT, we can tap into $200mil of equity and do the same with NGPL, then sell PD Ports only.

I know from a SP angle, it will help only a little, due to increased certainty, possibly getting sparcs out the way and removing the bank sweep. Im only thinking of an alternative to selling, if BBI are having difficulty. Obviously asset level banks will only allow it if EV is enough and interest cover.

But IF we could unlock say:
DBCT($300mil)
NGPL($300mil)
PD Ports(sell and paydown as much as possible)

Then use that money to repay corporate level debt plus sparcs. No dilution, assets intact, still same debt just shifted from one place to the next, same interest cover, perhaps lower interest rate because loan is now secured against an asset.

After interest cover there should be money left over for BBI to put aside for beppa and save for a rainy day. under those conditions SP will rise, lets say to 25c. BBI then do a 1:1 right issue at discounted price of 20c. Proceeds can be used to pay outstanding dividend which is a requirement of beppa if equity is raised all outstanding divs must be paid.

remainder of funds raised used to lower debt ratio on the higher geared assets. which will further reduce interest payable, thus creating larger profit.

RESULT: SPARCS paid out in full. BBI no dilution. BEPPA worth $1 in 2012. WIN-WIN-WIN.

Obviously relies on banks being agreeable to restructuring asset level debt, and enough net equity being available. Corporate banks will definately agree(they get paid out). Asset level banks should agree if the ratio and cover is there, especially if BBI only roll the debt over into short term debt with the knowledge that after a capital raising they can payback some or all of the rolled over debt.

i know the only way to realise NAV value of 90c/share is to sell ALL assets at or above book value, and selling some assets will result in somewhere between current SP and the NAV, but surely 25c/share would still be a great result considering it deals with all issues and retains key profitable assets to improve value going forward.

Just a rant really, i know it wont happen, but it demonstrates there are options available.

Any thoughts???