trying to find something positive, page-4

What's wrong with replacing old debt with new debt at a later maturity? Time is most certainly better than nothing and BBI's free cash flow is only going to increase with the expansion of DBCT, growth of PD Ports and so on.

Sure it doesn't solve the problem itself, but it's infinitely better than nothing is it not? Which is basically what you'd receive after dilution.

It allows them to put NGPL on the market or hopefully find a suitable offer for other assets.

Heck, when the day of reckoning comes back around when the debt matures, it's the exact same position as now, chances are another investor will come along and strip the company.

There's effectively nothing to lose and a hell of a lot to gain compared to dilution.