Basic Energy Services (BAS) approved for quick schedule in bankruptcy case - Bloomberg
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Basic Energy Services Initiates Prepackaged Chapter 11 Proceedings Pursuant To Restructuring Support Agreement
October 25, 2016 6:00 AM EDTFORT WORTH, Texas, Oct. 25, 2016 /PRNewswire/ --Â 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
