Basic Energy Services, Inc., and twenty-seven (27) of its subsidiaries and affiliates filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware earlier this morning (Case No. 16-12320). Basic Energy Services, Inc., and Taylor Industries LLC provide well site services to over 2,000 land-based oil and natural gas producing companies; according to the First Day Declaration, all other Debtor entities are shell entities with no material assets. The Debtors enter chapter 11 with a prepacked plan of reorganization and $80 million in proposed debtor in possession financing provided by a consortium of the Debtors’ prepetition term lenders and an ad hoc group of their unsecured note holders. The Debtors’ Plan proposes to convert $800 million of their unsecured notes into equity in the reorganized Basic and raise working capital through a $125 million rights offering. 100% of Basic’s prepetition secured term loan lenders and 80% of Basic’s unsecured noteholders have voted in favor of the Plan. The Debtors’ disclosure statement can be found here. Weil, Gotshal & Manges LLP is proposed counsel to the Debtors and Epiq Bankruptcy Solutions, LLC is the proposed claims agent. The Honorable Kevin J. Carey has been assigned to the cases.