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Key Energy Exits Bankruptcy; Elimated $700 Million In Debt
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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.
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