Financing, page-9

Perhaps one (or more) of the sophisticated major holders themselves could be taking on the debt via  some form of subordinate convertible note as mezzanine finance? 

Notes issued at 10% + interest paid to meridian per annum.  The debt gets converted to stock in the event FAR default on paying the interest and Meridian who are already major holder would get paid that interest until FAR default .  If FAR default then Meridian could likely take over an additional large swathe of equity of the company to cover the debt and have 51%+ and effective control of FAR.  

Any change of control would of course trigger a PE event and JV arranged debt would be OK with it because the JV debt stays with the JV and the asset remains as collateral with the JV.  Meridian could easily recapitalise and restructure FAR's debt once they have control.