According to a petition with the state's workforce commission, oilfield services provider Basic Energy Services could lose almost 500 jobs in Texas. At the same time, the firm works through a Chapter 11 restructuring that involves asset sales.
So far, 135 positions have already been terminated in Howard County and another 120 in Tarrant County, where the company's headquarters are located.
After agreeing with creditors for a prepackaged reorganization to minimize its debt, the oil field services company filed for Chapter 11 bankruptcy in 2016.
The reason for the filing was the decline in oil prices which led to decreased drilling activities.
Reasons for filing for bankruptcy
After its rise from its previous bankruptcy filing, the company filed for Chapt...