October 27, 2016
Weil is representing Texas-based oilfield services company Basic Energy Services Inc. in its recent chapter 11 case, which was filed in the U.S. Bankruptcy Court for the District of Delaware in Wilmington this week. Basic joins a growing list of energy companies for whom Weil has expeditiously helped seek bankruptcy protection in the wake of declining oil and gas prices.
Basic, who already has its restructuring support agreement backed by all term lenders and over 80 percent of unsecured noteholders, is proposing a deadline of November 29 for creditors to vote on its prepackaged plan. A combined hearing to determine whether to approve the disclosure statement and confirm the plan has been scheduled for December 9.
Headquartered in Fort Worth, Texas, Basic provides well site services for land-based oil and gas exploration and production companies, with a footprint that supports six geomarkets – the Texas Gulf Coast region, the Central region, the Permian Basin of West Texas, California, the Appalachian region and the Rocky Mountains.
The Weil team representing Basic is led by Business Finance & Restructuring Department Co-Chair Ray C. Schrock, P.C. and includes partner Ronit Berkovich; Capital Markets partner Frank Adams; Banking & Finance partner Courtney Marcus; Mergers & Acquisitions partner Ted Waksman; Tax partners Mark Hoenig and Stuart Goldring; Business Finance & Restructuring associates Arkady Goldinstein, Jessica Liou, David Zubkis, Alexander Welch and Elizabeth Kagedan; Capital Markets associates Janeane Ferrari and Jonathan Goltser; Banking & Finance associates Banks Bruce and Tom Hashagen; Mergers & Acquisitions associates Christina De Vuono and Brennan Gumerove; and Tax associate Joseph Reich.