if oil bounce back up to $35 it is a great sign! We all know that PRE has great Assets that is why they want a hostile takeover and bankrupt PRE just to get their hands on the assets. You must be a fool if you don't realise core assets value in this play.
Colombia doesn't have that much bigger companies, Everyone I have talked to in Colombia can't imagine PRE going bankrupt.
With that said, it can happen nothing is SAFE in the investment world. But it is not that likely.
PRE will pay up the interests on the Bonds for god sake Alberto Cortina could lend the company the money. either way Debt holders should and probably will agree to new terms as the oil industry is where it is today. Just wait for oil prices to recover 40 bucks should come in the near term.