The other option is that Oaktree puts BLA into default and call...

The other option is that Oaktree puts BLA into default and call the whole loan, BLA try but fail to do a capital raising that can repay the Oaktree loan ($90m in total), Oaktree appoint receivers and end up owning the whole of BLA for $50m.

There are probably going to be significant synergies for Oaktree by rolling BLA's head office infrastructure into their existing management team and just keeping the deal guys that they need to run off the assets.

They don't call Oaktree and the like loan-to-own funds for nothing.