Yes, 75m is the agreed minimum principal repayment and 15m is...

Yes, 75m is the agreed minimum principal repayment and 15m is the interest.
Those things are happening but put it another way last year EBITDA was 75.5m and next year the company says it will have a full year (operating) EBITDA of 25m. Vessel sales havent cut it so far, I am sure not for lack of trying.
I agree what you are saying about the outlook but I would argue I am not looking for a good one. I am focussed on the companies earnings and financial position and they are telling me that they need funding in the next year.
I am not trying to time the market.
The terms of that funding are unknown, if you had $50m to pull the company though you would demand a generous return.
If the company raises capital pro rata which is likely then it will be wonderful - the shareprice will be higher or lower but the company will be safer and that's all I care about.
I have seen raisings fail in circumstances like these, have seen private equity buy the debt and fleece the shareholders. If I miss out it costs me nothing, I don't care as I refuse to speculate on anything.
You can be happy with the risk but until I see the financials I have to be on the sidelines regardless of how attractive the price is.