Basic Energy cites progress toward finalizing restructuring plan with creditors

|About: Basic Energy Services, Inc. (BAS)|By:, SA News Editor

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."

Subscribe for full text news in your inbox