Basic Energy Services (BAS) Files for Chapter 11 Bankruptcy; Appoints New Chief Restructuring Officer

Basic Energy Services Initiates Prepackaged Chapter 11 Proceedings Pursuant To Restructuring Support Agreement

FORT WORTH, Texas, Oct. 25, 2016 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic" or the "Company") and certain subsidiaries today announced that they had filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the District of Delaware to pursue a prepackaged plan ("Prepackaged Plan") of reorganization in accordance with its previously announced restructuring support agreement with creditors to effectuate a comprehensive balance sheet restructuring (the "RSA").

The RSA and Prepackaged Plan provides for a substantial deleveraging transaction pursuant to which Basic will... More

Basic Energy Services Reaches Agreement On Comprehensive Deleveraging And Recapitalization Transaction

FORT WORTH, Texas, Oct. 24, 2016 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic" or the "Company") today announced that the Company entered into a restructuring support agreement (the "RSA") on October 23, 2016, with its secured term loan lenders and certain holders of its 7.75% senior notes due 2019 (the "2019 Notes") and 7.75% senior notes due 2022 (the "2022 Notes" and together with the 2019 Notes, the "Unsecured Notes") to effectuate a proposed prepackaged plan of reorganization (the "Plan") that will significantly deleverage the Company's balance sheet and provide the Company with $125 million of additional... More