Basic Energy Services Names Bankruptcy Auction Winners Including Houston’s Ranger

Houston-based Ranger Energy Services beat out the original stalking-horse bidder for the acquisition of Basic’s well servicing and completion and remedial segment assets outside of California through a competitive bankruptcy auction process.

Emily

Patsy

Hart Energy

Fri, 09/17/2021 - 09:00 AM

Basic Energy Services unveiled the results of its bankruptcy auction on Sept. 16, with winners surpassing the original bids.

The Fort Worth, Texas-based oilfield service company, which voluntarily filed for Chapter 11 bankruptcy last month, had previously agreed to sell its businesses divided up among three separate buyers acting as “stalking horse” bidders in a court-supervised sale process pursuant to Section 363 of the U.S. Bankruptcy Code.

“We believe the asset purchase agreements will enable us to maximize the value of our businesses and create the best path forward for our customers, partners, employees and the communities we serve,” Keith Schilling, president and CEO of Basic, commented in a release from Aug. 17.