The company is in a holding pattern because of the bonds and...

The company is in a holding pattern because of the bonds and unknown terms of the new facility.

Personally an attractive possibility from left field would have been a notes issue.
-Partial allocation to instos.
-Partial allocation to existing holders
-Set reasonable coupon, say 9%
-Set conversion price at a premium, say 55c
(just above op strike)
-Maturity 2 or 3 years

We would have new insto interest, a premium placed on our sp and removed tension from the air.

Notes would be subordinate to the bonds, therefore this would add strength to the balance sheet for GDO and de-risk bonds further, therefore the bondholders shouldn't veto.
An idea and maybe win - win.
Thoughts?
Mav