If they do that, then that is a debt and equity bid.
Bell and Downing is a debt and equity bid as well.
We dont know the specifics of refinancing/restructuring yet, whether any of the above will borrow - what we already owe, at a fixed interest over a longer period time and have one lender as opposed to MSP, R&M and 777 or borrow additional money in a restructure to top that out. I.E - it might not be additional debt by either party - just a better loan agreement on what we owe.
If Manoukian is paying down some of the debt without the need to restructure, brilliant, but that's not clear.