bbp refinancing

I just wanted to throw a point out there and get some views from everyone.

It seems quite a few people are panicking thinking that the refinance will involve a dilutive debt/equity swap because of the statement that any refinance will require a shareholder vote.

I think the main reason it requires a shareholder vote is due to the fact it will be a related party transaction, and may not necessarily involve dilution.

I appreciate that BBP in is a perilous situation but they are not as bad as BBI that has the added complication of conversion of a massive amount of Pref Shares so I would think BBP would be trying all other options before going down the dilution road.

What are people's thoughts on this?