Basic Energy Files for Second Bankruptcy to Sell Assets (1)

Basic Energy Services Inc. filed for bankruptcy a second time with an agreement to sell its assets to Axis Energy Services Holdings LLC, Berry Corp. and Select Energy Services Inc. The shares tumbled.

The oil and gas services company, which filed for Chapter 11 in the Southern District of Texas, has been negotiating with creditors to clean up its debt-plagued balance sheet. It listed at least $100 million of assets and at least $500 million of liabilities, according to the bankruptcy petition.

Basic Energy shares fell as much as 41% to about 10 cents as of 11:20 a.m. in ...