Davis Polk advised an ad hoc group of secured noteholders to Basic Energy Services, Inc. in connection with Basic’s chapter 11 restructuring and debtor-in-possession credit facility.
On August 17, 2021, Basic and certain of its subsidiaries filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. In connection with Basic’s restructuring, members of the ad hoc group are providing debtor-in-possession financing consisting of a $35 million new-money term loan.
Basic, which is headquartered in Fort Worth, Texas, employs over 2,400 individuals and provides high-quality and dependable wellsite services to a diverse group of over 2,000 oil and natural gas producing companies throughout the United States. Basic’s well servicing, water logistics and completion and remedial services are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well. Basic’s customers include both major exploration and production companies, and small, independent exploration and production companies that produce a significant amount of the oil and gas in the United States.
The Davis Polk restructuring team included partners Damian S. Schaible (Picture) and Adam L. Shpeen, counsel Jon Finelli and associates Thomas S. Green, Timothy H. Oyen, Alex B. Romero-Wagner and Hailey W. Klabo. The litigation team included partner Elliot Moskowitz and associates Eric M. Kim and Jonah J. Stotsky. The corporate team included partner Evan Rosen and associate Heather Weigel.
Involved fees earner: Jon Finelli – Davis Polk & Wardwell; Eric Kim – Davis Polk & Wardwell; Hailey Klabo – Davis Polk & Wardwell; Elliot Moskowitz – Davis Polk & Wardwell; Timothy Oyen – Davis Polk & Wardwell; Alex Romero-Wagner – Davis Polk & Wardwell; Evan Rosen – Davis Polk & Wardwell; Damian Schaible – Davis Polk & Wardwell; Adam Shpeen – Davis Polk & Wardwell; Jonah Stotsky – Davis Polk & Wardwell; Heather Weigel – Davis Polk & Wardwell; Thomas Green – White & Case;