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Basic Energy Skips Interest Payment
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Basic Energy Services, Inc. announced that it has elected to utilize the 30-day grace period with respect to an $18.4 million interest payment due today on its 7.75% senior notes due 2019. In other words the company is skipping on its interest payment due today.
Under the terms of the indenture governing the 2019 Notes , the Company has a 30-day grace period after the interest payment date before an event of default would occur on September 14, 2016.
Basic believes it is in the best interests of all stakeholders to use the grace period to continue to engage in discussions with its secured and unsecured debtholders regarding strategic alternatives to improve Basic's long-term capital structure.
There are no discussions underway that would impair trade vendors, customers, or employees in any regard, and the Company believes that it has ample liquidity at this time to continue efficient and uninterrupted operations in the ordinary course.
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