With a book value of over $15 I'm betting buy out before BK. as long as they can prevent their debt from booming above their asset value they will be a great candidate for consolidation. If they try to hold on to long though their debt could grow so much that it kills their book value. Either oil needs to get above 40 in the next 6 months or they need a buy out in the next 6 months. If neither of those happen then they will be in big trouble.