BELLATRIX EXPLORATION $0.30 (Toronto symbol BXE; TSINetwork Rating: Speculative) (403-266-8670; Shares outstanding: 49.3 million; Market cap: $23.5 million; No dividends paid) is now undertaking a major recapitalization to deal with its big debt. The strategy will see its debt cut by approximately 23%, and also lowers its cash interest payments.
The recapitalization buys Bellatrix time. However, its debtholders will get a large number of common shares as part of the transactions. That leaves current shareholders with just 16.5% of the shares outstanding.
Despite the reduction in debt and interest payments, the company will likely continue to report negative cash flow considering the capital spending it needs to maintain production at current levels. It also plans to consolidate its shares outstanding—a move that typically puts further downward pressure on stock prices.
Bellatrix Exploration is now a sell. sell…
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