McGrathNicol Report, page-234

The primary focus of the discussion paper prepared by McGN was recapitalization (this is self-evident from its title). With this in mind, it seems pretty clear (to me) that the lending syndicate is considering a debt restructure (i.e. debt for equity swap)

It may not happen. There may be good reasons not to do it. But it seems sensible to acknowledge that a D4E swap (with the associated dilution and SP loss) is being considered by the syndicate, while also keeping in mind the submission of McGN report has coincided with the on-selling of debt to companies that specialise in this sort of thing.

Draw the dots as you will comrade. Nobody knows all the answers. All one can do is manage risk according to one's appraisal of the information one has available. GLTAH