You said, "The $100 million debentures will not be paid back, they will be converted."

Let's look at the press release from when they were issued:

PRESS RELEASE May 9, 2007 Connacher Announces $87 Million Offering of Senior Unsecured Convertible Debentures Calgary, Alberta, (May 9, 2007) – Connacher Oil and Gas Limited (TSX: CLL) (“Connacher” or the “Company”) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets under which the underwriters have agreed to purchase C$87,000,000 aggregate principal amount of Convertible Senior Unsecured Debentures due June 30, 2012 (the “Debentures”). Connacher has granted the underwriters an option (the “Over-Allotment Option”) to purchase up to an additional 15% in principal amount of Debentures on the same terms and conditions, exercisable up to 30 days following closing of the offering. Mustang Capital Partners Inc. assisted Connacher with the offering. The offering is scheduled to close on or about May 24, 2007. The Debentures are senior, unsecured obligations of Connacher and will bear interest at a rate of 4.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year commencing December 31, 2007. The Debentures are convertible at any time at the option of the holders into common shares at an initial conversion price of $5.00 per common share. On or after June 30, 2010, Connacher has the right to redeem all or a portion of the Debentures at the principal amount plus accrued interest provided the current market price of Connacher’s common shares is at least 120% of the conversion price. The Debentures will mature on June 30, 2012.