Welcome to our dedicated page for BASX news (Ticker: BASX), a resource for investors and traders seeking the latest updates and insights on BASX stock.
Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect BASX's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.
Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of BASX's position in the market.
Basic Energy Services (OTCQX: BASX) announced asset purchase agreements with Axis Energy, Berry Corporation, and Select Energy Services amid voluntary Chapter 11 proceedings. Axis will acquire most Well Servicing and Completion & Remedial segment assets outside California, while Berry takes assets in California, and Select acquires Water Logistics segment assets outside California. Basic aims to maximize business value and maintain operations during the process, supported by a $35 million debtor-in-possession financing. The transactions are contingent upon higher offers and court approval.
Basic Energy Services (OTCQX: BASX) has extended its Forbearance Agreement with ABL lenders and Super Priority Credit Agreement maturity to May 23, 2021. This extension follows the company's failure to make its April 15, 2021 interest payment on $347,500,000 10.75% Senior Secured Notes due 2023. Over 90% of note holders have agreed to forbear from enforcing their rights until the new date. The company continues discussions to improve its capital structure amidst ongoing financial challenges.
Basic Energy Services (OTCQX: BASX) has successfully completed a sale-leaseback transaction for a property in Los Angeles County, California, amounting to $10.5 million. This transaction includes a holdback of approximately $2.6 million for property improvements, with potential reimbursement available for unspent funds. Basic has entered into a lease agreement for an initial three-year term. The company provides essential wellsite services across major U.S. oil-producing regions, focusing on prolific basins that demonstrate strong drilling and production economics.
Basic Energy Services (OTCQX: BASX) has signed a purchase and sale agreement to divest certain non-core assets for $6.6 million, alongside the assumption of approximately $0.7 million in capital leases and an earn-out payment of up to $1.0 million due one year post-closing. This deal, expected to close in about thirty days, involves heavy-duty trucks, light-duty vehicles, fracturing tanks, and non-core saltwater disposal wells. The sale aims to streamline operations and focus on core services essential for oil and gas production.
Basic Energy Services (OTCQX: BASX) has opted to utilize a 30-day grace period for a $16.335 million interest payment on its 10.75% senior secured notes due 2023. The company is engaging in discussions with debtholders to explore strategic alternatives for improving its capital structure. Additionally, a Forbearance Agreement with lenders under its revolving credit facility has been established, delaying potential remedies for certain defaults until April 28, 2021. Basic reassures that ongoing operations for customers and suppliers will remain unaffected during this period.
