Basic Energy Services has completed its restructuring and recapitalization plan and emerged from chapter 11 protection, the Fort Worth (Texas) Star-Telegram reported today. The oil field services company filed for chapter 11 in Wilmington, Del., in October after saying that it had reached a deal with creditors on a prepackaged reorganization to reduce its debt. The company announced it was exiting bankruptcy court on Dec. 23. With its pre-packaged plan, Basic divided among several investors over $800 million of unsecured debt, including accrued interest, in the restructuring. It also eliminated over $60 million in annual cash interest and raised $125 million of new capital, according to a company statement. Stockholders will receive new common stock and warrants in the reorganized company. Read more.
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