Mt Kellet and Sojitz

I need the input of someone that knows the ins and outs of the loans. My understanding of the Mt Kellet bonds is that they are unsecured and can be converted to equity so I dont understand peoples comments about Mt Kellet ending up owning LYC not outright anyway. Sojitz loan is secured over the assets of the LAMP so they could end up owning LAMP. However, in the event of bankruptcy the liquiator would need to realise the best outcome for creditors and shareholders and therefore seek buyers of the asets including LAMP. I would then think that the Chinese would be interested in owning the LAMP giving us 2 competing entities, Japan and China. The risk of China getting the LAMP with hugely deep pockets would be too great to Japan which will lead them to supporting LYC and the current loan neg. Going back to Mt Kellet I would think they would support it was well given they could end up as an unsecured creditor or worse a shareholder. Is this understandig correct of the loans? If so I see LYC surviving and hopefully getting COP down and ASP up. Otherwise I think she is in trouble with that pesky $35 mill to repay in 6 weeks.