There is no questioning that AZZ is in financial strive if the...

There is no questioning that AZZ is in financial strive if the deals fail to complete, however, holders can take comfort in the following:

1. Some of the convertible note holders are also the top 20 shareholders so they would not want the company to fail (especially if they perceive value in the assets that AZZ holds - a distressed asset sale would not be in their best interest). Given that AZZ has had other offers for its assets and has completed one only last year, as well as the recent activity in the Permian basin, it would appear as though AZZ do have assets of value.
2. JC owns significant AZZ shares - it is in his best interest to ensure the survival of the company whether it be via asset sales or rolling over the convertible notes.
3. Finally AZZ does own 4.2 million BBEP shares which have a market value of around $16M AUD.

Sharesfortune, in regards to

"Should the Noteholders have faith that there is cash unconditional offers, with deposits paid and decide to convert their shares on the 1:3 basis, total shares on issue would rise to 308,750,000, so the sale proceeds of approximate US$250 mill (not taking into account any allowances for tax) would need to be assigned to the higher number of shares, which would equate to approximately 80 cents per share"

Whilst you have not taken into account allowances for tax, you have also not taken into account the conversion of US to AUD...
Not taking account the allowance for tax and a $0.70 exchange rate, actually implies value of $1.15 before tax.

http://www.antaresenergy.com/investors/shareholders/