On July 1, 2020, Forbes Energy Services LLC (“FES LLC”), a subsidiary of Forbes Energy Services Ltd. (the “Company”), together with the administrative agent (the “Agent”) and certain of the lenders (the “Lenders”) under its existing Loan and Security Agreement (the “Term Loan”), entered into a forbearance agreement (the “Forbearance Agreement”), to which such Lenders have agreed, and have instructed the Term Loan agent to agree, to forbear from declaring the loans and all other obligations under the Term Loan to be due and payable as a result of the occurrence of certain specified defaults, including failure to pay interest in cash on a scheduled interest payment date and failure to comply with the requirements to provide notice related to any default or event of default in respect of the interest payment scheduled for July 1, 2020.

The foregoing description of the Forbearance Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Forbearance Agreement, which is attached as Exhibit 10.1 to this Form 8-K and incorporated herein by reference.

Item 9.01 – Financial Statements and Exhibits

>(d) Exhibits.

Forbes Energy Services Ltd. Exhibit
EX-10.1 2 forbestermloanforbearanc.htm EXHIBIT 10.1 forbestermloanforbearanc Exhibit 10.1 Execution Version FORBEARANCE AGREEMENT THIS FORBEARANCE AGREEMENT,…
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About Forbes Energy Services Ltd. (OTCMKTS:FESL)

Forbes Energy Services Ltd. (FES Ltd.) is a holding company. The Company is an independent oilfield services contractor that provides a range of well site services to oil and natural gas drilling and producing companies to develop the production of oil and natural gas. The Company’s segments are Well Servicing and Fluid Logistics. Its services include fluid disposal and well maintenance. The Company’s Well Servicing segment provides an offering of well services to oil and natural gas companies, including completions of drilled oil and natural gas wells, wellbore maintenance, workovers and recompletions, tubing testing, and plugging and abandonment services. Its Fluid Logistics segment provides a range of oilfield fluid sales, transportation, storage and disposal services that are required on workover, drilling and completion projects, and are used in daily operation of producing wells by oil and natural gas producers. It operates approximately six coiled tubing spreads.