BASX - Basic Energy to use 30-day grace period in $16.3M bond payment

Basic Energy Services (BASX) says it will utilize the 30-day grace period under the terms of the indenture governing its 10.75% senior secured notes due 2023 with respect to a $16.3M interest payment due today.Basic says it will use the grace period to continue discussions with its debtholders on strategic alternatives to improve its long-term capital structure.The company also enters into a forbearance agreement with a majority of the lenders under its revolving credit facility until April 28.Basic also will postpone its 2021 annual meeting so management can focus efforts on discussions with creditors.

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Basic Energy to use 30-day grace period in $16.3M bond payment