It looks to me like the note holders have no choice. "Either...

It looks to me like the note holders have no choice. "Either take the share swap and trade your way out of trouble or we pull the pin and that's it."

I think the bank restructuring deal is good if the economy improves. BNB has good assets. If BNB can't pay the facilities back on time then sure, the interest on any outstanding amount is considerable (ie 20% pa, as Enumerate says). But they don't have to worry about repaying that interest for 10 years.

All BNB has to do is maintain its debt repayments, by selling assets (when things improve) and make enough to cover operating costs and some profit.

Lets see what the media makes of it.