The only thing I have seen sometimes is where the convertible debt holders agree to exchange their notes for convertible preferred stock. That moves the obligation from the liabilities section of the balance sheet to the equity section. And while it looks good to the uninitiated, the result is exactly the same and I believe the holding period of the CD can be tacked onto the convertible prefs. They did this with the Pref C to some degree and that certainly hasn’t worked out very well.
But short of someone just flat out forgiving the notes or returning their pref shares for cancellation…there really isn’t many other options.
They no longer have much equity in WSCG to use as the Pref C has eaten almost all of that up.
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