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Fort Worth’s Basic Energy expects to emerge from bankruptcy today

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Fort Worth-based Basic Energy Services Inc. on Dec. 23 announced the company has received approval to list its new common stock on the New York Stock Exchange where the company trades on the BAS symbol.

The company also said it anticipates emerging from bankruptcy on Dec. 23.

On Dec. 9, Basic Energy Services announced the company and affiliated chapter 11 debtors obtained court approval of their prepackaged restructuring and recapitalization plan, which received near unanimous support from voting creditors.

“The court’s confirmation of our Prepackaged Plan represents a critical step towards emerging from chapter 11 and securing a bright future for Basic,” said Roe Patterson, Basic’s president and CEO, said at the time. “Basic is thankful for the continued support of our creditors, employees, customers and suppliers. Their support has been integral to the successful outcome of the chapter 11 process and we look forward to emerging as quickly as possible as a healthier company, poised to continue providing our customers with dependable, high-quality services, which are the hallmark of our company.”

Assuming emergence on the effective date of Dec. 23, trading in the New Common Shares is expected to begin on Dec. 27.

Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area. The Company employs more than 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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