Service & Supply | Oilfield Services | Capital Markets | Bankruptcy Exit
Key Energy Exits Bankruptcy; Elimated $700 Million In Debt
Key Energy hasemerged from bankruptcy, having satisfied all unwaived conditions to effectiveness set forth in the Plan. The reorganized Company received approval to list its new common stock on the New York Stock Exchange in conjunction with its emergence, and trading in its common stock is expected to commence on December 16, 2016, under the ticker symbol "KEG".
Platinum Equity, a Los Angeles-based global investment firm with a unique focus on operations and extensive experience helping businesses in transition, previously held a majority of Key's senior notes and is now the Company's largest shareholder.
Approximately $694 million of the Company's long-term debt has been eliminated in the reorganization along with more than $45.6 million of annual interest expense going forward. The table below summarizes Key's capital structure as of September 30, 2016 on a historical basis and on a pro forma basis after giving effect to the reorganization.
Related Categories :
Bankruptcy Exit
More Bankruptcy Exit News
-
Vista Proppants Emerges from Bankruptcy; Rebrands as V SandCo LLC
-
Gulfport Energy Emerges from Bankruptcy
-
Report: Chesapeake Poised to Emerge from Bankruptcy
-
Lonestar Resources Emerges from Bankruptcy
-
FTS International Exits Bankruptcy
Gulf Coast - South Texas News >>>
-
Oilfield Services Talk What To Expect In Remainder of 2024 -
-
Large Permian E&P Talks 1Q'24; 282 Wells Planned for 2024 -
-
Seventeen (17) E&Ps; To Use 47 Frac Crews To Complete 2,800 Wells In 2024
-
These Permian Operators Plan to Complete/Frac 2,100 Wells IN 2024
-
Large E&P Chops Permian/Anadarko Basin Frac Activity by 30% In 2024
Permian News >>>
-
Permian E&P Ups 2024 Well Completed by +27% vs. 2023
-
Contrary to The Noise, U.S. Oil Production will Likely Growth 4-5% In 2024; A look Inside -
-
New Permian E&P Company Score Capital; On The Hunt For Assets -
-
Chevron To Cut D&C Activity in U.S. Shale In 2024; Here is Where. -
-
An Early Look at Company 2024 Capital & Development Plans