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Basic Energy Services Receives Extension Of Waiver From Asset-Based Lenders

October 18, 2016, 07:29 AM
Filed Under: Energy Services

Basic Energy Services, Inc. announced that the company has successfully obtained an extension of its temporary waiver from Basic's secured asset-based revolver (the "ABL Facility") lenders.  As previously announced on October 17, 2016, the Company was seeking an additional extension of its temporary waiver of certain existing and future defaults under the ABL Facility in order to finalize the terms of a deleveraging transaction with its creditors.  Basic has now received an additional seven day extension of the temporary waiver, through October 24, 2016, subject to certain terms and conditions.

According to an SEC 8-K filing, Bank of America serves as adminstrative agent on the ABL facility. /a8-k2016x09x29.htm

The Company continues to have, and expects to have, adequate liquidity to continue its efficient and uninterrupted operations in the ordinary course and to meet all of its obligations to suppliers, customers and employees.

Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area.  The Company employs over 3,500 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas, California and the Rocky Mountain and Appalachian regions.

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