Someone explain upcoming debt for equity swap please?

hi, can someone please explain the upcoming debt for equity swap for me please?
Also isn't a good things that the banks have taken some of the hit here?
As I understand it.. the banks sold 25% of the debt and wrote off the other 75% - which is a good thing for SGH, as the banks took the hit.
I realise the road ahead could be rocky..and there could be a class action to contend with among other things.
thanks in advance.