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Basic Energy Services (BAS) Downgraded By Deutsche Bank Amid Bankruptcy

NEW YORK (TheStreet) -- Basic Energy Services' (BAS) prenegotiated Chapter 11 reorganization does not have Deutsche Bank feeling confident in the stock's return for now.

The bank downgraded it from a "buy" to a "hold" in a research note circulated to investors Thursday morning, citing the fact that existing equity holders will be virtually wiped out when the oilfield services company emerges from bankruptcy.

Current equity holders will take a .5% stake in the company under a proposed reorganization plan that has the support of Basic Energy's noteholders. The noteholders stand to receive 99.5% of the stock distribution.

Basic Energy...