Pizza Express - possible angle

All,

Thought experiment:

If Hony - by whatever means - managed to control / lock-up / acquire another £35m of 2Lns (spend incremental £15m) and voluntarily decide to accept an offer by the company to accept PIK interest on the same or similar bonds (same class). Then all the 2Lns would have to accept that, including hold-outs - or else they'd get diluted below threshold before maturity.

Presumably “Hony’s” bonds would have to be on-sold to a “less” associated vehicle by then, but what other terms could be attached to that offer?

Rebuttals welcome.

Wolfgang