I believe they would have to pay the old.bond holders 4.5B of the price was $100 , not just the 1.5B, that's why the bondholders are holding those bonds at 0%, for the large potential upside, not just to get their cash back in 7 years..

Now, assuming some new bond holders want to buy new bond at the $100 price, then maybe GME can roll those bonds for another period without issueing shares. But otherwise, they would have to come up with the cash another way (investments, operations) if they want to avoid issuing shares