Not replace with corporate debt, but replace with the mother of...

Not replace with corporate debt, but replace with the mother of all hybrids.

Would ultimately dilute BBI to zero (and BBI WONT get a capital contribution).

If BBI somehow generated enough cash (through either operations, or asset sales), there was a 50% 'repayment penalty'. So basically, if BBI wanted to repay corporate debt in cash, it would need to generate 150% of the corporate debt amount.

And finally, the interest rate to be charged on this Hybrid was astronomical.