RE: BUK RefinanceWho would buy BUK out with all the debt?? They will first have to refinance, then raise money. These are two separate issues and lets hope they have been working on the refi for a while however with this management team I highly doubt it although would love to be prove wrong. I think they will need some sort of commitment from Perenco that Durango will produce sometime soon to provide the lending syndicate some reasurrance they will be repaid before they will be willing to refinance BUKs debt. (18% after tax from Durango production was to be paid against the principle of the loan).
As far as raising money for development - a financing would have to be done at much higher levels or would be very dilutive. Perhaps cutting a deal for the sale of gas at a discount to the utility would be an option and they front the money to construct the pipeline. It could be a win win situation. Creating jobs for locals and then using local gas for the people of Idaho from a newly created industry.
OR - no refinance, loan gets called in and all shareholder lose their money because BUK is now bankrupt.