They wouldn't need to make a takeover offer in a partial/full debt-to-equity swap situation - they could ask for an exemption from the Corporations Act takeover provisions from ASIC (and if ASIC declined could appeal to The Takeovers Panel to review the decision).
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s655a.html
The Chapter referred to in section 655A is Chapter 6 - Takeovers of the Act.
Slater & Gordon looks to be winning over its bankers, page-126
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