bbi enters agreement to reduce debt, page-6

The key words are "value outcomes". BBI will be wiped out by the conversion of SPARCS and BEPPA, and further diluted by the incoming investor.
BEPPA and SPARCS will be converted based on the formula of a $1 face value and BBI price, this giving about 14 BBI per BEPPA (refer section 7 BEPPA admin deed).

The BBI units BEPPA and SPARCS receive will be heavily diluted by the incoming investor, that being their "value outcome".