Oilpatch Servicers Slip Into Bankruptcy as Prices Rally Too Late
- Basic Energy plans to follow Key with Chapter 11 court filing
- Managers seek to cut debt piled up when oil prices soared
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The rally in energy prices is coming too late to save some of the most troubled oil services companies.
Basic Energy Services Inc., which has been working with creditors to align its debt burden with depressed energy prices, said it will file for bankruptcy by Oct. 25. The move would come just a day after Key Energy Services Inc. filed for bankruptcy protection.