>my guess is, 1/2 bank debt convert to perpetual notes. 1/2 debt...

>my guess is, 1/2 bank debt convert to perpetual notes. 1/2 debt convert to preferences shares. bnbg convert to preference shares at $100 face value.

This structure would make sense ... the conversion terms of the preference shares would of course define the degree to which the ord holders would get scr*wed.

The problem is, the terms of the preference shares would be a political impossibility to actually negotiate. You cannot back the ord holders into a corner - they can play the administration card.

Telling people their equity is zero and having them hand back their shares for zero value only works on HotCopper ;)