Basic Energy to resume trading under ticker 'BAS' after bankruptcy emergence
Basic Energy Services announced that the company received approval to list its new common stock with the new CUSIP number 06985P 209 on the New York Stock Exchange under the same NYSE ticker symbol "BAS" as the existing shares of the company's issued common stock in conjunction with its anticipated emergence from chapter 11 reorganization in accordance with the First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors that was confirmed on December 9 by the United States Bankruptcy Court for the District of Delaware. The company currently anticipates emerging from bankruptcy on December 23. The stockholders of record at the close of business on the Effective Date will be entitled to receive New Common Shares and warrants with the CUSIP number 06985P 118 in accordance with the Prepackaged Plan. In addition, participants in the company's previously announced rights offering who have properly exercised their rights pursuant thereto, and/or are backstop parties to the Rights Offering, will also receive New Common Shares on the Effective Date. All Existing Shares, with the CUSIP number 06985P 100, will be cancelled after the close of business on the Effective Date, and the New Common Shares and Warrants will be issued at such time. Assuming emergence on the Effective Date of December 23, trading in the New Common Shares is expected to commence on December 27, under the ticker symbol "BAS," which is the same trading symbol used for the company's common stock previously listed on the NYSE. The Warrants will not be listed on the NYSE or any other exchange at this time.