The onshore services player exercised its option to take a 30-day grace period instead of making an $18.4 million interest payment due on its senior notes due 2019.
"We have made the strategic choice to use the grace period while our discussions with Basic's debtholders continue,” Basic chief executive Roe Patterson said. “During these discussions, we anticipate meeting all of our obligations to suppliers, customers, employees, and others, as usual, and we will continue to provide our customers with dependable, high-quality services, which is the hallmark of our company."
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