Originally Posted by
mathieulh
Here is a bit of help from me: Considering the loaders (including metldr) run isolated, they only have very few "interactions" with the "outside", so the real question you have to ask yourselves is "What kind of data does the loader processes (from external sources that is)" Then considering loaders seemingly share the same codebase, look at other loader's code which you decrypted (that's that part where you reverse spu assembly) and look at the parts that process this external data.
Good luck on your endeavor.