Basic Energy Services filed with the U.S. Bankruptcy Court a First Amended Joint Prepackaged Chapter 11 Plan of Reorganization, which explains, “On the Effective Date, (i) the Reorganized Debtors shall be deemed to have reinstated the ABL Credit Agreement as modified by the Amended and Restated ABL Credit Agreement, (ii) each holder of an Allowed ABL Facility Claim shall have such Claim renewed and extended or replaced (as the case may be) in accordance with the terms and conditions of the Amended and Restated ABL Credit Agreement, and (iii) each Lien and security interest that secures the obligations arising under the ABL Credit Agreement shall be reaffirmed, ratified and deemed granted by the Reorganized Debtors pursuant to the Amended and Restated ABL Credit Agreement and section 5.9 of this Plan to secure all obligations of the Reorganized Debtors arising under the Amended and Restated ABL Credit Agreement.”
The Plan continues, “The Term Loan Claims shall be deemed Allowed on the Effective Date in the aggregate principal amount of $164,175,000, plus any accrued and unpaid interest thereon payable through the Effective Date, plus any fees, charges, and other amounts payable under the Term Loan Agreement….The Unsecured Notes Claims shall be deemed Allowed on the Effective Date in the aggregate principal amount of $775,000,000, plus (i) any accrued and unpaid interest thereon payable through the Petition Date and (ii) any fees, charges, and other amounts payable under the 2019 Notes Indenture and 2022 Notes Indenture.”
The Debtors also filed a second Supplement to the Plan, which contains the following documents: Exhibit A: amended and restated ABL credit agreement; Exhibit B: amended and restated term loan agreement; Exhibit C: new intercreditor agreement; Exhibit D: new convertible notes indenture; Exhibit E: warrant agreement and Exhibit I: registration rights agreement.
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