"Outstanding secured debt will be permanently reduced by a combination of changes to, and restatement of, a portion of the debt and release of the remaining debt."
They are saying that $35m of the existing debt will be restated into the new senior secured facility ($30m + $5m) and the rest of it will be released. Released means extinguished / written off.
SGH Price at posting:
9.1¢ Sentiment: Sell Disclosure: Not Held