Basic Energy Services, Inc., filed a combined plan of liquidation with related disclosure statement in the US Bankruptcy Court on June 25, 2022. As per the plan filed, administrative expense claims, statutory fees, professional compensation claim and priority tax claims shall receive payment in full. ABL claims of $28.8 million shall recover 100% of allowed amount in form of cash.

Prepetition second lien note of $15.76 million shall recover 68.80% of allowed amount in form of cash. Additional prepetition secured note of $15.83 million shall recover 15.40% of allowed amount in form of cash. Non-ascribe secured notes claims of $288.27 million shall recover 17% of allowed amount in form of cash.

Ascribe secured notes claims of $37.38 million shall recover 15.4% of allowed amount in form of cash. Non-tax priority unsecured claims of $0.47 million shall recover 100% of allowed amount in form of cash. Non-ascribe secured notes deficiency claims of $239.22 million shall recover 3.8% of allowed amount in form of cash.

General unsecured claims of $157.99 million shall recover 3.8% of allowed amount in form of cash. Interests in the debtors shall be canceled. The plan shall be funded through cash in hand and sale of assets.

Basic Energy Services, Inc. filed a revised combined plan of liquidation with related disclosure statement in the US Bankruptcy Court on June 28, 2022. As per the plan filed, there is no change in the treatment of claims.