I've been in other equities confronting this problem. As the deadline nears, I think September, they may be forced into a reverse stock split say 5:1 or 10:1. That's not necessarily all bad but if you traded immediately after the announcement you'll lose money. It's better to make that decision now, sell into rallies or decide to stick it out and buy on deep dips. On the other hand if a couple of the high spec rigs get leased you're looking at 200%- 300% gain immediately plus no reverse split.
Although John said this was the roughest patch in contract drilling he'd ever experienced HERO did a good job dealing with near term debt and holding on to cash. No one knows how deep and long this retrenchment in oil drilling activity will last- HERO did their best to prepare for it. BK is not immediate or near term and if HERO survives your looking at very high multiples of ROI from here in the pps. You could be enriched or you could lose a substantial part of your investment. It's a toss up in my way of looking at things. I'm still here after 6 years of trading HERO. Good luck.