Dear Shareholder do not be confused from notoric liars on the board here !!!
1, THE BAS restructuring DEAL has been done already
A, from fillling 8.K : ".... The BAS subsidiaries and BAS has
unrestricted cash on hand prior 3-th. October $20 million after
date $10 million= BAS has paid $20 million-$10 million= $10 million, more than 60% of the debt of $18,5 million
B, AND THAN COMING NEXT FINANCE PUMP INTO BAS BY BANKS, WHEN BAS
COMMENTS ITS INSOLVENCY -"...(iii) the later of October 16, 2016 or such later date as the Required Lenders and Basic may agree in their respective sole discretion or (iv) as of any date the unrestricted cash balances and cash equivalents of Basic and its consolidated subsidiaries is less than (a) at any time on or prior to October 3, 2016, $20,000,000, (b) at any time after October 3, 2016 and prior to the execution of a restructuring support agreement (the “RSA”) in connection with the commencement of an insolvency proceeding involving Basic and its affiliates....
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
....The descriptions of the Term Loan Waiver Amendment, the ABL Waiver Amendment and the Forbearance Amendment set forth above in Item 1.01 are incorporated by reference into this Item 2.03...
tem 9.01 Financial Statements and Exhibits.
(d)
Exhibits
10.1
First Amendment to Temporary Limited Waiver and Consent dated as of September 28, 2016, among Basic, the guarantors party thereto, the Term Loan Lenders and U.S. Bank National Association.
10.2
First Amendment to Temporary Limited Waiver dated as of September 28, 2016, among Basic, the guarantors party thereto, the ABL Lenders and Bank of America, N.A.
10.3
First Amendment to Forbearance Agreement dated as of September 28, 2016, among Basic, the guarantors party thereto and the Holders.
99.1
Press Release dated September 28, 2016. .....
AND WHAT DO YOU NEED TO READ AND HEAR MORE?????
