RE:RE:RE:RE:Richie guy, who is the moron now? You called me that, rightkavern23 wrote: "“The Company has been reviewing and exploring alternatives to address its debt levels and its upcoming debt maturities, and is pleased with the resulting recapitalization transaction and the strong level of stakeholder support for the transaction,” said Brent Eshleman, President & Chief Executive Officer of Bellatrix"
Brent uses the work "pleased'....are you f*cking kidding me...that is almost as arrogant as what Trudeau said to the indingenous tribe the other day...pleased that 86.5% is gone for only 110.4 million debt reduction...wow
BXe still will have alot of debt for the cashflow they produce even after this.....
These clowns have exceeded my low expectations, of how bad they could do. The only thing Brent is pleased about, is the fact he can continue he can suck his salary from the company, for awhile longer, with the gamble that gas prices will come back to a more normal level, in a few years.
This should be a re-cap, after merging with another struggling company, to then create a larger entity. Shareholders could then be offered some sort of Rights, to either kick in some cash, or else not purchase an additional share.
The reason there are no merger attempts, is because every executive in Calgary, wants to keep their jobs: compensation comes from salaries and bonuses, not stock options, like it used to. And once a company merges, redundant executives won't be able to get another job. So everything is becoming screw the shareholders, to keep earning a salary.
Or could they not have converted some of this debt to preferred shares, that would be offered to shareholders? How do small investors like me, get a chance to capitalize on paper that pays 9%? They could have done some preferred share issue, at 7%, and come out further ahead.
But they want to totally eliminate debt, or a portion of it anyways, in order to have the minimum amount of cashflow coming in, so they can maintain capital spending, to keep their high declining production base, supported.
This Canadian oil-patch is in a death spiral. But BXE, like many others, has always been a natural gas company, masquerading as an oil company. Too many people have been duped with the BS.