Thanks for the link. Covenant issue will be fully priced in in the spring when everybody realizes that oil price is not going to come back quickly. However, I don't think the bank is going to call the debt even when the covenant is breached. The best way for bank to recover money is for PWE to ride out of the storm. Everybody is in the same boat and I bet that PWE is not going to bankrupt. Buying under 2 (to around 1) will be a reasonable bet.