Alternatively...Just to point out that there are certain caveats and restrictions in that debt restructuring deal. They have to maintain 15mil cash at all times, certain debt to ebitda ratios, etc. So it could be to provide some flexibility there.
Also, since it seems MMCap really wants to protect their debentures, this could all be a ploy to help artifically depress the equities so a conversion is further away. It was sold as a win/win to management "Hey, you raise cash, we get maturation on our DBs, the only ones who lose are equity holders". Also explains why they exited the majority of their equity stake.
Maybe I'm just throwing conspiracies out there, just seems any time this is going to take off some elusive entity pulls the ropes.