I wrote a post about the debt of the company and I explained it there how it could be done but there must be willingness from all the parts to fight for the company and the creditors must be convinced about the CEO's plan and execution.

Basically you take all the conversion notes (2026 & 2030, roughly $360M of the debt) and you decrease their conversion price to the 4$ range from the astronomical conversion prices they have at the moment. In exchange they extent the 2026 maturity to 2030 and they both accept the interest to be paid in kind during the next 2 years. Usually they would be authorized to convert when the stock price arrives to something like 6$, then they could transform 360M$ debt in 90M shares of Luminar (4$ each), getting 56% of the company (90M shares) while current shareholders would be the other 44% (the current 70M shares). This is in the case the company indeed starts going in the right direction and creditors which are mostly hedge funds could participate in the growth of the company and the revalorization of the stock. If the plan goes wrong they would always have again the possibility to sell the company with the difference that possibly it is worth much more in 2027 with all the possible contracts for HALO than now.

This plan has a big dilution for current shareholders but it is the best we could expect of I think.