Basic Energy notes grace period, loan forbearance extended to May 23

By Sarah Lizee

Olympia, Wash., May 17 – Basic Energy Services, Inc. said the forbearance agreement relating to its asset-based facility has been extended to May 23.

In addition, the lenders under its super-priority credit agreement have agreed to extend the maturity date of that agreement to May 23, according to a Monday press release.

The company also entered into agreements with the holders of more than 90% of its $347.5 million 10¾% senior secured notes due 2023 and with the required lenders under the super-priority credit agreement to forbear until May 23 from enforcing their respective rights and remedies arising as a result of, among other things, the company’s continuing failure to make the April 15 interest payment due on the senior secured notes.

Basic Energy said it remains in continuing discussions with the holders of the company’s senior secured notes and other debt regarding strategic alternatives to improve Basic’s capital structure.

Basic Energy Services provides well site services and is based in Fort Worth.

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