- Basic Energy Services (BAS -5%) sinks after saying it will utilize the 30-day grace period on an $18.4M interest payment due today on its 7.75% senior notes due 2019.
- BAS says it is best to use the grace period to continue to engage in discussions with its secured and unsecured debtholders regarding strategic alternatives to improve the company's long-term capital structure.
- BAS shares continue to bump along all-time lows following Q2 results and warning that it was seeking refinancing or restructuring options.