Basic Energy receives extension of waiver from asset-based lenders
Basic Energy Services announced that the company has successfully obtained an extension of its temporary waiver from Basic's secured asset-based revolver lenders. As previously announced on October 17, the company was seeking an additional extension of its temporary waiver of certain existing and future defaults under the ABL Facility in order to finalize the terms of a deleveraging transaction with its creditors. Basic has now received an additional seven day extension of the temporary waiver, through October 24, subject to certain terms and conditions. The company continues to have, and expects to have, adequate liquidity to continue its efficient and uninterrupted operations in the ordinary course and to meet all of its obligations to suppliers, customers and employees.