Buying SGH, page-406

It means some form of debt for equity will be negotiated. Please understand I'm not saying this will go into admin.

I just don't see any way, shape or form this debt will simply be swapped for convertible notes. Especially when convertible notes are likely to have higher ongoing costs to the company than the interest on current debt. That doesn't make the gearing ratio any more sustainable.

I personally see anchorage turning the screws and converting part of the debt to a lion share of the company but keeping some debt to rank highest if the business can't be turned around or if assets are sold to make it 'leaner'. IMO of course.