Depends. I have seen reverse splits that initially seemed to be good only to see the stock tank. That would probably happen with this particular stock if the toxic debt isn't paid and debt holders continue to covert their debt into shares.
I have also seen reverse splits seem to initially tank the stock but only to see it rebound hard a week or two later. ETRM did that and it ran to $20+.
Again, for this particular ticker if the debt isn't paid by the time they do a R/S, I don't think it will be good for longs. Just my opinion though.