highly conditional

So many hurdles in this proposal it's hard to see it going through...

If it does, existing shareholders face massive dilution and gain a majority shareholder who would be in a position to easily move to compulsory aquisition should things go right for the company.

This will be the litmus test for the true intentions of the bondholders, a lot of the conditions of the proposal rest on the bondholders accepting this arrangement. If the bondholders really are mainly interested in getting their cash back they would accept, but if their interest is on getting their hands on the assets then they need only refuse this offer and this proposal will fall over.