The US Bankruptcy Court approved the amended combined plan of liquidation of Basic Energy Services, Inc. on August 9, 2022. The debtor has filed its amended combined plan in the Court on August 9, 2022. As per the combined amended plan, administrative expense claims, statutory fees, professional compensation claim, and priority tax claims shall receive payment in full.

ABL claims of $28.8 million shall recover 100% of allowed amount in form of cash. Prepetition second lien note of $15.76 million shall recover 68.80% of allowed amount in form of cash. Additional prepetition secured note of $15.83 million shall recover 15.40% of allowed amount in form of cash.

Non-ascribe secured notes claims of $288.27 million shall recover 17% of allowed amount in form of cash. Ascribe secured notes claims of $37.38 million shall recover 15.4% of allowed amount in form of cash. Non-tax priority unsecured claims of $0.47 million shall recover 100% of allowed amount in form of cash.

Non-ascribe secured notes deficiency claims of $239.22 million shall recover 3.8% of allowed amount in form of cash. General unsecured claims of $157.99 million shall recover 3.8% of allowed amount in form of cash. Interests in the debtors shall be canceled.

The plan shall be funded through cash in hand and sale of assets.