Sorry, I can't answer that question because the terms are not known to us, so we don't know the rate of dilution (not conversion).
What we do know is that TAM wants to profit, and they don't therefore want to hurt the stock price. I read it as if they are partners in this, and want to prosper along with ONCI. I can't see any other reason for structuring a debt elimination with only stock as repayment.
For pete's sake, they got 2/3 of the old debt 'forgiven' meaning it's a bye. Only 1/3 has to be repaid by ONCI, (the new company hexagon), and they are willing to accept stock instead of cash plus interest. How much more of a signal does anyone need that TAM believes in ONCI? They eliminate $1.2M in old debt, and ask for $600K to be paid in stock? Holy crap! They want stock, not cash...does ANYONE besides me understand why that would be?
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