Basic Energy Bankruptcy Wind-Down Settlement Gets Court Approval

Basic Energy Services Inc. and its creditors won bankruptcy court approval to enter into a deal dividing the proceeds of the oil and gas company’s remaining assets sold for about $100 million.

The settlement, approved during a virtual hearing Friday by Judge David Jones of the U.S. Bankruptcy Court for the Southern District of Texas, enables the parties to move forward without pursuing a formal Chapter 11 liquidation plan.

Key stakeholders rejected loose frameworks of a plan that would formally wrap up the case. The company then pursued the deal with a creditor group holding the majority of the company’s ...