Basic Energy Services, Inc. (2021)

Representation of an independent director of the board of Basic Energy Services, Inc. in their chapter 11 bankruptcy in the Southern District of Texas. The debtors – an oil and natural gas servicing company operating in California, the Permian Basin, Texas, Oklahoma and Rockies/Bakken – commenced their chapter 11 cases to pursue an expeditious sale and marketing process that ultimately generated significantly greater value than originally offered under the stalking horse bids (a more than $27 million increase). The debtors consummated a going-concern sale of substantially all of the debtors’ assets, preserving as many jobs as possible for the company’s approximately 2,400 employees, and obtained approval of a liquidating plan.