Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Bonds

Key Energy Services Plan Effective

Key Energy Services' Joint Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 6, 2016. The reorganized Company received approval to list its new common stock on the NYSE in conjunction with its emergence, and trading is expected to commence on December 16, 2016 under the ticker symbol "KEG." Platinum Equity, which previously held a majority of Key Energy Services' senior notes, is now the Company's largest shareholder. Robert Drummond, Key Energy Services' president and C.E.O., comments, "We could not be more pleased to be emerging from our bankruptcy process in such an expeditious fashion and to concurrently re-list Key's new common shares on the New York Stock Exchange….Platinum Equity has also been a strong partner in driving the restructuring process, and the firm's M&A and operations capabilities will be instrumental in executing our long-term strategic plan." As previously reported, "The Plan contemplates that the Debtors will reduce its total operating company funded debt from approximately $1 billion to approximately $250 million….This reduction in debt will result in a reduction in associated yearly interest expense from approximately $79 million to approximately $31 million, after giving effect to the Restructuring." This onshore rig contractor filed for Chapter 11 protection on October 24, 2016, listing $1.4 billion in pre-petition assets.

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