0001109189-16-000424.txt : 20161228
0001109189-16-000424.hdr.sgml : 20161228
20161228215150
ACCESSION NUMBER: 0001109189-16-000424
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20161223
FILED AS OF DATE: 20161228
DATE AS OF CHANGE: 20161228
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: BASIC ENERGY SERVICES INC
CENTRAL INDEX KEY: 0001109189
STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389]
IRS NUMBER: 542091194
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 801 CHERRY STREET
STREET 2: SUITE 2100
CITY: FORT WORTH
STATE: TX
ZIP: 76102
BUSINESS PHONE: 817-334-4100
MAIL ADDRESS:
STREET 1: 801 CHERRY STREET
STREET 2: SUITE 2100
CITY: FORT WORTH
STATE: TX
ZIP: 76102
FORMER COMPANY:
FORMER CONFORMED NAME: SIERRA WELL SERVICE INC
DATE OF NAME CHANGE: 20000313
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Krenek Alan
CENTRAL INDEX KEY: 0001346208
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-32693
FILM NUMBER: 162073452
MAIL ADDRESS:
STREET 1: 801 CHERRY STREET
STREET 2: SUITE 2100
CITY: FORT WORTH
STATE: TX
ZIP: 76102
4
1
wf-form4_148297989703545.xml
FORM 4
X0306
4
2016-12-23
0
0001109189
BASIC ENERGY SERVICES INC
BAS
0001346208
Krenek Alan
801 CHERRY STREET
SUITE 2100
FORT WORTH
TX
76102
0
1
0
0
SVP, CFO, Secretary, Treasurer
Common Stock
2016-12-23
4
J
0
137338
0
D
0
D
New Common Stock
2016-12-23
4
J
0
241
0
A
241
D
New Common Stock
2016-12-23
4
M
0
29679
36.5486
A
29920
D
New Common Stock
2016-12-23
4
S
0
11642
36
D
18278
D
New Common Stock
2016-12-23
4
S
0
103
36
D
18175
D
Restricted Stock Units
2016-12-23
4
A
0
89036
0
A
New Common Stock
89036.0
89036
D
Restricted Stock Units
2016-12-23
4
M
0
29679
0
D
New Common Stock
29679.0
59357
D
Stock Option (right to buy)
36.55
2016-12-23
4
A
0
35614
0
A
2026-12-23
New Common Stock
35614.0
35614
D
Warrants
55.25
2016-12-23
4
J
0
6638
0
A
2016-12-23
2023-12-23
New Common Stock
6638.0
6638
D
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.
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.
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).
Shares sold to settle tax withholding obligations through a "broker sale."
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.
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.
The warrants were issued to the Reporting Person pursuant to the Prepackaged Plan. The receipt of the warrants was involuntary and without consideration.
/s/ John Cody Bissett, Attorney-in-Fact
2016-12-28