The valuations will be assessed within the next few months @ $50 - $55 per barrel.
New equity will be issued. I'm guessing 60% to 2L and 40% to unsecured.
that new equity will at some point trade on the public market.
at some point over the next 3 years oil will reach $75. The equity that is the resultant from the conversion of debt will eventually reach the corresponding value of $1.50/1.00 relative to what was previously the unsecured notes.
gust a guess.
But you almost do the math in your head, if you look at where the assets were valued relative to oil prices.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.