what else you could have done ..., page-4

even if the banks agree to do a hybrid it would still have to be acceptable to majority of shareholders which if the major holders are not happy with the deal or banks are to greedy then can stop it so that a better deal is tabled.

The easiest option is the extension for the banks as less drama etc. This could be deemed to be risky but as long as payments up to date then very low. I see it as the same as a residential house broght for $500k financed at 90% but in the current market is now worth $400k but as long as payments up to date then bank is happy