Restructuring the hybrids could be more important than returning...

Restructuring the hybrids could be more important than returning to profitability which might take a very long time. Time the business might not have.

Restructuring the hybrids would do two things immediately. One, it would reduce the full liability of the hybrids in a TO. That makes TO easier. So PE approaches can be made.

Secondly, it adds immediate NTA. That should immediately result in higher sp. Higher sp may make it possible to raise funds and reduce debt. Reduced debt will help with profitability.

But you are right. The business needs to be profitable. Whether that is done by selling assets or raising funds and paying down debt.