Unit Corp Distressed Debt

Anybody have a view on Unit Corp? In the last few months it's attempted to exchange $650mm of subordinated notes for 73 cents on the dollar of 2nd lien debt with a 10% coupon or 100 cents on the dollar of 3rd lien debt with a 7% coupon in an attempt to term out its maturities to 2024 from 2021 or it will trigger a default under its revolver. The only 1st lien debt on the balance sheet is a bit over a $100mm in revolver draws with annualized EBITDA (including impairments) of $251mm from the last 10Q that puts 1st lien leverage at about .53x EBITDA. The bonds are trading at about 43 cents on the dollar and putting a 4x multiple, extremely conservative for its segments but distressed O&G companies are a dime a dozen, yields a valuation of about $1 billion more than enough to cover the 1st lien notes through the $650mm in subordinated debt. The company is extremely low on cash and its free cash flow is abysmal ~ -$100mm, due to high CAPEX, so I might be completely wrong on this one. Admittedly, I have not done anything close to a deep dive on this company, literally just back of the napkin math, and I'd appreciate hearing everyone's thoughts on whether I'm an idiot or this company looks like it could be something.