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Filing Details

Accession Number:
0001109189-16-000414
Form Type:
4
Zero Holdings:
No
Publication Time:
2016-12-28 21:44:57
Reporting Period:
2016-12-23
Filing Date:
2016-12-28
Accepted Time:
2016-12-28 21:44:57
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
1109189 Basic Energy Services Inc BAS Oil & Gas Field Services, Nec (1389) 542091194
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1649974 Eric Lannen 801 Cherry Street
Suite 2100
Fort Worth TX 76102
Vice President -Human Resource No Yes No No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Stock Disposition 2016-12-23 35,879 $0.00 0 No 4 J Direct
New Common Stock Acquisiton 2016-12-23 63 $0.00 63 No 4 J Direct
New Common Stock Acquisiton 2016-12-23 8,095 $36.55 8,158 No 4 M Direct
New Common Stock Disposition 2016-12-23 2,248 $36.00 5,910 No 4 S Direct
New Common Stock Disposition 2016-12-23 18 $36.00 5,892 No 4 S Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 J Direct
No 4 J Direct
No 4 M Direct
No 4 S Direct
No 4 S Direct
Reported Derivative Transactions
Sec. Name Sec. Type Acquisiton - Disposition Date Amount Price Amount - 2 Price - 2
New Common Stock Restricted Stock Units Acquisiton 2016-12-23 24,283 $0.00 24,283 $0.00
New Common Stock Restricted Stock Units Disposition 2016-12-23 8,095 $0.00 8,095 $0.00
New Common Stock Stock Option (right to buy) Acquisiton 2016-12-23 9,713 $0.00 9,713 $36.55
New Common Stock Warrants Acquisiton 2016-12-23 1,734 $0.00 1,734 $55.25
Remaning Holdings Exercise Date Expiration Date Equity Swap Involved Transaction Form Type Transaction Code Nature of Ownership
24,283 No 4 A Direct
16,188 No 4 M Direct
9,713 2026-12-23 No 4 A Direct
1,734 2016-12-23 2023-12-23 No 4 J Direct
Footnotes
  1. The Issuer and certain of its subsidiaries (collectively with the Issuer, the "Debtors") filed voluntary petitions (the cases commenced thereby, the "Chapter 11 Cases") under chapter 11 of title 11 of the United States Code on October 25, 2016 in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). On December 9, 2016, the Bankruptcy Court entered an order approving the First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors (as confirmed, the "Prepackaged Plan"), and on December 23, 2016 (the "Effective Date"), the Prepackaged Plan became effective pursuant to its terms and the Debtors emerged from the Chapter 11 Cases. On the Effective Date, all outstanding shares of the Issuer's common stock (the "Old Common Stock") were cancelled and extinguished.
  2. New shares of the Issuer's common stock, par value $0.01 per share (the "New Common Stock") were issued to all of the Issuer's stockholders (including the Reporting Person) pursuant to the Prepackaged Plan in exchange for the Old Common Stock held by such persons on the Effective Date under the Prepackaged Plan. The receipt of the New Common Stock in exchange for Old Common Stock was involuntary, without consideration and in accordance with the Prepackaged Plan approved by the Bankruptcy Court.
  3. Promptly following the vesting date (but no later than 30 days following such vesting date), the restricted stock units will be settled by the Issuer into New Common Stock on a one-for-one basis; provided, the Issuer, it in sole discretion, has the option to settle the Restricted Stock Units in cash (subject to applicable withholding taxes).
  4. Shares sold to settle tax withholding obligations through a "broker sale."
  5. The restricted stock units vest in three equal annual installments: 1/3 on the Effective Date, 1/3 on December 23, 2017 and 1/3 on December 23, 2018.
  6. The option vests in three equal annual installments: 1/3 on December 23, 2017, 1/3 on December 23, 2018 and 1/3 on December 23, 2019.
  7. The warrants were issued to the Reporting Person pursuant to the Prepackaged Plan. The receipt of the warrants was involuntary and without consideration.