So what are BNBG holders likely to be offered is a restructuring...

So what are BNBG holders likely to be offered is a restructuring of the subordinated notes? Surely the only option is a payout right? The shares are worthless and by the sounds of it any debt that is subordinate to 20%pa is never going to be repaid. So we BNBG holders are the ones with the power to decide whether or not the banks can have their sweet deal.