RE:Just a opinion
If I was a buyer, I would be waiting out whether they can find a solution to the first set of debentures; if they can't you can pick up the assets in liquidation. With AXL's decision to suspend drilling, they are conserving cash as much as possible and harvesting what is already in process. Unfortunately, this will take time. The irony is, they could even go in to CCAA to suspend the debenture payments until they raise the cash via asset sales, production if prices rise etc. This would allow the common shareholders to retain some value as entering CCAA does not mean you necessarily are bankrupt.
I think they are aways from the CCAA situation but as bleak is it looks, this story will play out longer than its current share price indicates.
Management was here once before with over 400% more debt than they are now and somehow dug out of the crapper then. They continue to pay for the sins of 5 years ago when they over-levered. The seismic drop in oil prices was likely not in even 5 deviations of any set of reasonable plans.
GLTA