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Basic Energy Services Successfully Completes Prepackaged Restructuring And Emerges From Chapter 11 With $125 Million Of New Capital And Debt Level Reduced By $775 Million

FORT WORTH, Texas, Dec. 23, 2016 /PRNewswire/ -- Basic Energy Services, Inc. (BAS) ("Basic" or the "Company") today announced that the Company and its affiliated chapter 11 debtors have successfully completed their prepackaged restructuring and recapitalization plan (the "Prepackaged Plan") and emerged from chapter 11 bankruptcy protection.

Through its Prepackaged Plan, Basic equitized over $800 million of unsecured debt, including accrued interest, eliminated over $60 million in annual cash interest, and raised $125 million of new capital. Existing shareholders of record as of the close of trading on December 23, 2016 will receive new common stock and warrants in the reorganized Company. The Company believes that its substantially deleveraged balance sheet and capital infusion position Basic for long-term success for the benefit of all of its stakeholders.

"Today marks the completion of a restructuring and recapitalization that allows the Company to move forward with a solid financial foundation from which we expect to continue to strengthen our business and grow," said Roe Patterson, Chief Executive Officer. "We now have the financial flexibility to continue to provide our customers with industry-leading expertise and safe, efficient services. Basic is thankful for the continued support of our employees, customers and suppliers and for the support of our secured term loan lenders, secured ABL lenders and unsecured bondholders. That support has been integral to the successful outcome of the chapter 11 process."

The Company's new common stock (CUSIP number 06985P 209) (the "New Common Shares") has been approved for listing on the New York Stock Exchange (the "NYSE") under the NYSE ticker symbol "BAS," the same as the symbol for existing shares of the Company's issued common stock (CUSIP number 06985P 100), which will be cancelled as of the close of business on December 23, 2016. Trading in the New Common Shares on the NYSE is expected to commence on Tuesday, December 27, 2016. The Company's warrants will not be listed on the NYSE or any other exchange at this time.

Pro Forma Capital Structure

The table below summarizes Basic's cash, debt and liquidity values as of September 30, 2016 on a historical basis, as well as a pro forma basis after giving effect to the restructuring.


As of September 30, 2016


(in millions)



Recognition



Actual

Adjustments

Pro...


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