Basic Energy Services Inc. agreed to sell noncore assets after the Fort Worth, Texas-based oilfield service provider disclosed earlier this month it had missed an interest payment due on senior notes and entered into a forbearance agreement.

In an April 27 release, Basic said it had entered into a purchase and sale agreement with an undisclosed company for the sale of certain noncore assets for up to $8.3 million. The sale, according to the release, includes heavy-duty trucks, light-duty vehicles, fracturing tanks and certain noncore saltwater disposal wells.

The deal follows Basic’s decision to use a grace period under the terms of its 2023 senior secure notes to continue its ongoing discussions with its debtholders regarding strategic alternatives to improve Basic’s long-term capital structure.

A $16.335 million interest payment on the 2023 notes had been due on April 15.

Concurrently, Basic announced it had entered into a forbearance agreement with a majority of the lenders under its revolving credit facility until April 28 and postponed its 2021 annual meeting.

In a company statement made on April 15, Basic Energy Services said: “We have made the strategic choice to use the grace period while we continue our ongoing, constructive discussions with Basic’s bondholders. We anticipate meeting all of our obligations to suppliers, customers, employees and others, and will continue providing our customers with industry-leading expertise and safe, efficient services.”

“Importantly, for the benefit of the company and all of our stakeholders, the options we are currently contemplating would leave our employees, customers and trade partners unaffected,” Basic added in the statement.

Basic Energy Services provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The company said it has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin basins, Eagle Ford Shale, Haynesville and Powder River Basin.

The closing of the noncore asset sale announced April 27 is expected by the company to occur within 30 days. The purchase price for the assets was $6.6 million plus the assumption of certain capital leases with a remaining balance of approximately $0.7 million and an earn-out payment of up to $1 million payable one year after closing.

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