That makes sense. But I wonder about the following scenario: let's say oil stays low for a few years and ARP is forced into zombie mode. Then let's say, 6 months or a year later oil goes up. Could ARP get out of zombie mode and recover?
Ugh, sounds awful. Thanks for the detailed description.
So, if oil recovers after they've breached and suspended, would it help them or is it game over once a zombie ?
Good points. And what would be worst case scenario for ARP if oil stays low for years? A BK or a temporary suspension till oil recovers?