By August 17, 2016 Read More →

Texas-based Basic Energy Services using interest payment grace period to avoid default

“There are no discussions underway that would impair trade vendors, customers, or employees in any regard…” – Basic Energy Services

Basic Energy

Roe Patterson CEO, Basic Energy Services.

Fort Worth, Texas – Basic Energy Services, Inc. announced that it has elected to utilize the 30-day grace period with respect to an $18.4 million interest payment due today on its 7.75 per cent senior notes due 2019, according to a Basic Energy press release.

Under the terms of the indenture governing the 2019 Notes, the company has a 30-day grace period after the interest payment date before an event of default would occur on Sept. 14, 2016.

Basic believes it is in the best interests of all stakeholders to use the grace period to continue to engage in discussions with its secured and unsecured debtholders regarding strategic alternatives to improve Basic’s long-term capital structure.

There are no discussions underway that would impair trade vendors, customers, or employees in any regard, and the company says it has ample liquidity at this time to continue efficient and uninterrupted operations in the ordinary course.

“We have made the strategic choice to use the grace period while our discussions with Basic’s debtholders continue.  During these discussions, we anticipate meeting all of our obligations to suppliers, customers, employees, and others, as usual, and we will continue to provide our customers with dependable, high-quality services, which is the hallmark of our Company,” said Roe Patterson, CEO.

Basic Energy

Ph: 432-978-5096 Website: www.mapleleafmarketinginc.com

Posted in: Energy Financial

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