I think this is good new also! If they can restructure the debt, ACI can ride this bad time out. Bondholders know that they would only get a fraction of their money back in a BK. If I were a bondholder I would restructure.
They do have some nice assets including the water disposal system.. Management needs to pursue some kind of sale to Devon/Chk or someone like that. It would be a good fit. In the meantime Bennett could take a pay cut to show he is a true leader. BK is not imminent but they got to stop the bleeding!