Basic Energy Services, Inc.NYSE
Whither Onshore Drilling Activity Goest, Basic Energy Services Will Follow
Stephen Simpson, CFA
Stephen Simpson, CFA
Thu, Nov. 10, 3:52 PM
- Basic Energy Services (BAS -2.2%) is downgraded to Hold from Buy with a $0.50 price target, slashed from $2, at Deutsche Bank.
- While BAS's Chapter 11 reorganization likely will create a sustainable path forward for a company the firm sees as an early cycle beneficiary, the move will nearly wipe out existing stockholders, who will be left with just 0.5% of pro-forma BAS equity.
- Deutsche also thinks upstream spending has bottomed and expects the initial spend will focus on production given the low risk, quick cash conversion and little capital outlay; however, existing equityholders will not share in this.
Mon, Oct. 24, 8:59 AM
- Basic Energy Services (NYSE:BAS) -42.4% premarket after announcing a restructuring support agreement with lenders and debtholders under which the company would file for Chapter 11 bankruptcy on or before Oct. 25.
- The group of lenders and noteholders have committed to provide up to $90M of liquidity via debtor-in-possession financing to help maintain the company's operations.
- The plan would provide existing BAS shareholders with a recovery in the form of 0.5% of the company's equity, which would be 0.26% of the total outstanding equity upon conversion of mandatorily convertible notes.
Mon, Oct. 17, 6:18 PM
- Basic Energy Services (NYSE:BAS) surged 11.7% in today's trade after saying it was making "substantial" progress towards finalizing the terms of a deleveraging transaction with its creditors.
- BAS says more than 81% of the bondholders of its 7.75% senior notes due 2019 again have agreed to postpone acting on a potential default while senior lenders also agreed to temporary waivers extending for another eight days through Oct. 24.
- BAS says it believes it is "close to finalizing the terms of a financial restructuring plan that will leave the company well capitalized and positioned for strong growth."
Thu, Sep. 29, 12:09 PM
- Basic Energy Services (BAS +33.7%) surges nearly 35% following extensions of its forbearance agreement with lenders and waivers to continue deleveraging negotiations.
- BAS says it has continued to make progress in negotiations with creditors regarding a deleveraging transaction, and has reached an agreement with 81% of the holders of its 2019 notes to extend the forbearance period through Oct. 16.
Thu, Sep. 15, 9:17 AM
- Basic Energy Services (NYSE:BAS) +12.3% premarket after saying it obtained waivers to continue deleveraging negotiations with secured lenders and unsecured bondholders.
- BAS says it entered into a forbearance agreement with ~81% of the holders of its 7.75% senior notes due 2019 regarding the previously announced 30-day grace period related to an $18.4M interest payment; the company says it will not make the payment.
- BAS says it has ample liquidity to continue efficient and uninterrupted operations and expects to meet all obligations to suppliers, customers and employees.
Tue, Aug. 23, 8:57 AM
- Basic Energy Services (NYSE:BAS) says it received notice of non-compliance from the NYSE concerning the Exchange's continued listing standards for share price and market cap.
- As of Aug. 18, BAS's average closing price over the preceding 30 trading-day period was $0.98/share, and its average global market cap over the period was $41.7M.
- BAS says it is considering all available options to regain compliance.
Mon, Aug. 15, 11:58 AM
- 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.
Fri, Jul. 22, 2:00 PM
Fri, Jul. 22, 12:40 PM
Fri, Jul. 22, 10:36 AM
- Basic Energy Services (BAS -30.7%) plunges to all-time lows after reporting a Q2 loss of $1.34/share on 38% lower revenues of $120M.
- BAS says it is evaluating potential strategic alternatives, such as refinancing or restructuring of its capital structure or available financing options, to address its liquidity position and high debt levels; BAS says if it is unable to find acceptable alternatives to its current capital structure to better fund future capital needs, its business, financial condition and results of operations "may be materially and adversely affected."
- The company also lowers its expected FY 2016 capex to ~$30M from prior expectations of $40M.
Thu, Jul. 21, 11:43 PM
Wed, Jul. 20, 5:35 PM
Wed, Jun. 29, 2:03 PM
Fri, May 27, 2:45 PM
Wed, Apr. 20, 11:31 PM
- Basic Energy Services (NYSE:BAS): Q1 EPS of -$1.32 beats by $0.13.
- Revenue of $130.4M (-50.2% Y/Y) misses by $4.52M.
- Shares +3.5% AH.
Tue, Apr. 19, 5:35 PM| Tue, Apr. 19, 5:35 PM | 16 Comments