Service & Supply | Oilfield Services | Capital Markets | Bankruptcy Exit | Private Equity Activity
Basic Energy Services Emerges from Bankruptcy with $125MM
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Basic Energy Services has emerged from chapter 11 bankruptcy protection.
Through its Prepackaged Plan, Basic equitized over $800 million of unsecured debt, including accrued interest, eliminated over $60 million in annual cash interest, and raised $125 million of new capital.
The Company's new common stock has been approved for listing on the NYSE under the symbol "BAS.” Trading in the New Common Shares on the NYSE is expected to commence on Tuesday, December 27, 2016. The Company's warrants will not be listed on the NYSE or any other exchange at this time.
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