This management cares nothing about the shareholders. Paying a Director $1mm in cash for trying to obtain EXXI financing and a bonus in cash of $5mm if he does is arrogant and stupid. Fire the management, starting with the CEO. At the very least make all the payments in stock to align interests with shareholders.A Company run by management only for their own benefit deserves to go bankrupt.
Callable converts at a 15% premium and at half the current interest rate might interest some as a swap or buydown. It would be pretty dilutive, but what won't be at this juncture. Management doesn't deserve any extra renumeration or adjustment to their deals and probably have few places to go.
A new work out bank would be interesting.