Why would they want a 1-20 vs a 1-5? Your logic is questionable. Management will also want the lowest reverse as well as they have been paid mostly in stock.
Tbone's and others are spot on. If the company were in "dire straights", nobody would provide a loan, let alone one with better terms that can easily be paid off in advance.
This tells us the table is set and after the vote, conventional financing will be ready
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