restructure , page-3

I don't think the banks are thinking convertible notes, from debt to cash. Equity is what the banks are after.

Hybrid Security (from Wikipedia): often referred as "hybrids", are a broad group of securities that combine the elements of the two broader groups of securities Debt and Equity.

This would potentially actually mean that less asset sales would be needed Long-Term. Also, I asked this question a few posts ago, Does a hybrid arrangement effectively reduce the LVR of the group upon conversion.

The long-term benefits of this could potentially outweigh any dilusion of shareholding???