RMK - when you say PIK, I assume it is this you are talking about..........
Full PIK is rolled-up interest and principal; "cash-pay" is where you make some manner of interest payments, but principal is rolled-up. There are generally blends of these with instruments that PIK-toggle (turn it on/off) or start as PIK for a few years and revert to cash pay. It is seldom this straight forward however.
The overriding idea is that these debt structures are generally used for high-growth businesses; that is not the situation here. Their capital structure is not suited to their situation..