December 9, 2016 / 8:13 PM / 8 months ago

BRIEF-Basic Energy Services obtains court approval of restructuring and recapitalization plan

Dec 9 (Reuters) - Basic Energy Services Inc

* Prepackaged plan equitizes over $800 million of unsecured debt, eliminates over $60 million in annual cash interest

* Says existing shareholders will receive common stock and warrants in reorganized company

* Says company targets emergence from Chapter 11 before year-end

* Prepackaged plan completes a new capital raise of $125 million

* Prepackaged plan provides for debt-for-equity swap that will result in existing unsecured bond obligations being converted into equity

* Basic energy services obtains court approval of restructuring and recapitalization plan Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below