Those 666 million in notes due next May are trading at something like 20 cents on the dollar, so they could be bought for about 133 million dollars.
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With our cash burn at $25 oil, BK will be here before the end of the year. Time to show the stiff upper lip and approach our fate with dignity.
Funny thing is now there are zero jobs out there. And entire plays are about to shut in. Being layed off along with a million others not good. Remember to sign up for your government hand outs. Except for the ceo who banked $6 mill a year.
Let’s just screw stockholders and save ourselves. It’s a great new way to be proud of ourselves. We’re great.
Bankruptcy is probably a foregone conclusion. Investing in oil company debt is very risky now and there will be no takers for DNR with it's high cost CO2 lifting. The question now is when.
There is 0% chance to refinance or issue new debt. DNR is now at a Caa2 and it won't be long until it's a "C", high yield energy lending is gone!
Better file for 11 now and blame it on the oil price.
Drain the swamp and get rid of the clowns up there.
$666mil in bond notes due next year and assuming we cut all capital spending, we will have $200-300mil in cash at that time... so pray like hell that oil recovers and that we can issue new debt far into future.
On the bright side of things if it comes down to it, we should be able to chapter 11 and restructure. Almost everyone would keep their jobs and the show will go on!