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Key Energy Services' Forebearance Agreement Extended
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Key Energy Services, Inc. has entered into an extension of its forbearance agreements with its Term Loan and ABL Lenders until the earlier of January 10, 2020 or the occurrence of certain specified early termination events.
As previously announced, on October 29, 2019, Key entered into a forbearance agreement with Cortland Products Corp., as agent, and the lenders party thereto, collectively holding over 99.5% of the principal amount of the outstanding term loans, regarding a default under the Term Loan and Security Agreement, dated as of December 15, 2016.
On December 6, 2019, the Company and the Lenders party thereto amended the Forbearance Agreements to extend the forbearance period. Pursuant to the Forbearance Agreement Amendments, the Lenders party thereto have agreed that, until the earlier of January 10, 2020 or the occurrence of certain specified early termination events, such Lenders will forbear from exercising any default-related rights and remedies with respect to the Specified Defaults.
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