I think part of it is unsecured (the bigger portion) It is my understanding that there was a strike price of roughly $12.50/share for these convertible notes. It is also my understanding that should the price of the stock be under the strike price (I'm guessing it will ; ), then JAG is obligated to pay the balance in cash. From what I remember, it also appears the noteholders have the option to be repaid in stock.
I also think I remember them saying part of the debt is secured via equipment and property. I could definitely be mistaken and if others care to weigh in, by all means, please do so.
Both large notes are unsecured. However, the small Brazilian bank loans were secured by equipment. Jag has the option of delivering cash in lieu of shares upon conversion. However, that is very unlikely to happen in view of the share price. In the event of a fundamental change, Jag must make an offer to repurchase the notes for cash. Obviously, the notes were drafted in better times when the main concern was dilution of JAG shares via conversion.