The big winners here are the bondholders. Yesterday there was $1.2B in Debt and $1.1B in old shareholder equity (12/2014 statements). Today there is no debt, and $2.3B in equity of which the bondholders own $2.2B and the old shareholders $70M.
So if the bondholders bought in at par, they have an immediate 80% gain. If less than of par, as suggested in the other comments, the bondholder gain is greater. No wonder they signed on to this deal so fast. I can’t help but think that the lawyers will be on this one fast.
At the end of trading today, market value was $41M (vs. $70M book – see above) so there is some theoretical value to a purchase at 25 cents, but that may evaporate with continuing cash burn before oil gets back on its feet.
I don’t have a horse in this race anymore. Got in between .365 and .496 and out between .80 and .92. I was looking to get back in if it dropped below .50. Lucky timing for me. Makes up a little for all the other dogs I kept.