Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Basic Energy Services Bankruptcy Plan Effective

0
0

Basic Energy Services’ First Amended Joint Prepackaged Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 9, 2016.

Roe Patterson, chief executive officer comments, “Today marks the completion of a restructuring and recapitalization that allows the Company to move forward with a solid financial foundation from which we expect to continue to strengthen our business and grow.”

Through its Plan, Basic Energy Services equitized more than $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 received approval to list its new common stock with the new CUSIP number 06985P 209 (the New Common Shares) on the NYSE under the same ticker symbol “BAS” as the existing shares of the Company’s issued common stock. Under the Plan, pre-petition holders of the Company’s unsecured notes will receive 14,925,000 new common shares, representing approximately 57.8% of the new common shares after giving effect to shares issuable in connection with the rights offering and before giving effect to the shares issuable under the management incentive plan and the warrants.

BankruptcyData’s detailed Plan Summary notes, “The Existing Equity Interests will be cancelled without further action by or order of the Bankruptcy Court. Notwithstanding the foregoing, each holder of an Allowed Existing Equity Interest will receive its pro rata share of New Common Shares representing, in the aggregate, 0.5% of the New Common Shares issued on the Effective Date and the Warrants. Upon conversion of the New Convertible Notes (assuming such conversion occurs 36 months after the Effective Date), the New Common Shares issued to holders of Allowed Existing Equity Interests will comprise 0.26% of the total outstanding New Common Shares.”

The oil and gas well site services provider filed for Chapter 11 protection on October 25, 2016, listing $1.2 billion in pre-petition assets.

Read more BAS bankruptcy news.

The post Basic Energy Services Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images