No they have made it clear they need a better capital structure...

No they have made it clear they need a better capital structure to provide more stability so no way will just extend the loan. My speculation is will involve:
1. Debt for equity swap (at least for the debt held by hedge and distressed debt firms that bought citi's debt.
2. Possible hAircut on the debt and extension of remaining debt.
3. Agreed quarantined asset sales with agreement slaters can use $x million as working capital and rest paid to banks.

If all the parties come to the resolution the above let's them lose a leg rather than their life their is a solution above which would allow Skaters to live on. Just needs banks to realise they need to take a haircut in some shape or form.