13D Filing: Silver Point Capital and Basic Energy Services Inc (BAS)

Explanatory Note

This Amendment No. 4 (the “Amendment”) amends the statement on Schedule 13D originally filed by the Reporting Persons on January 3, 2017, as amended by Amendment No. 1 filed by the Reporting Persons on January 25, 2017, as further amended by Amendment No. 2 filed by the Reporting Persons on March 15, 2017, and as further amended by Amendment No. 3 filed by the Reporting Persons on July 3, 2017 (as amended, the “Schedule 13D”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings ascribed to such terms in the Schedule 13D. Except as otherwise provided herein, each Item of the Schedule 13D remains unchanged.

Item 4 of the Schedule 13D is hereby supplemented by adding the following:

On November 7, 2017, the Funds each filed a Form 144 with the Commission disclosing each Fund’s intent to sell up to the maximum number of shares of Common Stock allowable under the volume restrictions of Rule 144(e) under the Securities Act of 1933, as amended.  On that same date, the Reporting Persons sold a total of 875,000 shares of Common Stock at a price of $22.75 per share in a privately negotiated transaction.  The Reporting Persons intend to sell additional shares of Common Stock from time-to-time depending on market conditions pursuant to Rule 144 or pursuant to the Issuer’s registration statement covering the resale of the shares of Common Stock held by the Reporting Persons. The Reporting Persons do not have any current plan or proposal that relates to or would result in any transaction, event or action enumerated in paragraphs (a) through (j) of Item 4 of Schedule 13D, except as otherwise described herein.

Each of the Reporting Persons reserves the right, in light of its ongoing evaluation of the Issuer’s financial condition, business, operations and prospects, the market price of the Common Stock, commodity prices, conditions in the securities markets generally, general economic and industry conditions, its business objectives and other relevant factors, to change its plans and intentions at any time, as it deems appropriate.

Item 5. Interests in Securities of the Issuer.

Item 5 is hereby amended as follows:


(a)  The responses of the Reporting Persons to rows (7) through (13) of the cover pages of this Schedule 13D are incorporated herein by reference. The Reporting Persons beneficially own the Common Stock reported herein. There were 26,028,149 shares of Common Stock outstanding as of November 3, 2017, as reported in the Issuer’s Form 10-Q filed on November 6, 2017.  The shares of Common Stock reported herein represents approximately 15.4% of the outstanding Common Stock.

(b)  The responses of the Reporting Persons to rows (7) through (13) of the cover pages of this Schedule 13D are incorporated herein by reference. Silver Point has sole voting and dispositive power with respect to the Common Stock reported herein.  Messrs. Mulé and O’Shea may be deemed to have shared voting and dispositive power with respect thereto by reason of their status as sole members and sole managing members of Management.

(c)  The information set forth in Item 4 above is incorporated by reference herein.

(d)  Not applicable.

(e)  Not applicable.