Fracking contractor Basic Energy Services Inc. is preparing to file for bankruptcy, potentially its second such filing, as it reels from the pandemic’s impact on energy demand, according to people familiar with the matter.
The company, which services oil and gas wells, has engaged restructuring attorneys from the law firm Weil Gotshal & Manges LLP to advise on a chapter 11 filing that is expected within weeks, these people said. Basic Energy declined to comment.
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