RE:Anyone notice the price of oilRemember that BTE doesn't have to drive all the cash from operations to pay debt holders at maturity. Assuming that it comes up with a portion from free cash flow up to 2021(50% worse case??), then they will just reissuie new debt on the primary market. Depending on what interest rates are like, the market will buy up the debt no problem!
It's unrealistic that Baytex would simply sell everything, but should they need to sell a few assets to cover debt at maturity, why not? Writedowns are part of the business. Cover the debt and move on.
You can sell assets, but it means you book a loss on your books if you bought these 2014.
Of course in BTE case your debt clock is a little closer now