Basic Energy Services Reaches Agreement On Comprehensive Deleveraging And Recapitalization Transaction
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Basic Energy Services (BAS) Files for Chapter 11 Bankruptcy; Appoints New Chief Restructuring Officer
October 25, 2016 6:14 AM EDTBasic Energy Services, Inc. (NYSE: BAS) and certain subsidiaries 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 meaningfully improve its balance sheet by equitizing over $800 million of its existing unsecured bond obligations and... More
