Bonavista Energy Corp BNPUF

RE:Rumor of new refinancing agreements

[Hendrick3]

There is a new announcement that they have agreed with the creditors that they will have access to the credit line for operational needs until late April. I presume this is to bridge them until the new financing is settled. I also presume that the banks reneged on drawdowns for purposes of paying debt so that they could limit their exposure and hopefully push the other lenders to extend the debt. I think this is modestly good news. It's also good that Bonavista is largely natural gas otherwise there would be severe oil price pressure  further complicating things.