BXE - Bellatrix Exploration: High Risk Of Restructuring Within A Few Months
Bellatrix Exploration's (BXE) 2019 capital budget indicates that it is in maintenance mode, as it grapples with commodity prices that are lower than what it needs to be able to deal with its upcoming debt maturities.
Given its high debt load and May 2020 debt maturities, a near-term restructuring seems likely to me, especially if the February 28, 2019, deadline to issue up to $50 million Second Lien Notes in an exchange for 2020 Notes passes. Bellatrix's ability to deal with its 2020 Notes appears quite difficult even using those Second Lien Notes