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Oilfield Services Company to Restructure for the Second Time
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Key Energy Services has entered into a restructring agreement with it debt holders.
Here is the piece of information we found really interesting: the lenders will own 97% of the company and equity holders now own a measly 3%.
Back in 2016, the company filed bankruptcy and later emerged having erased $694 million of its long-term debt. Back then, in similar fashion, 95% of the company was awarded to the note (debt) holders and 5% to equity holders. The company went on to re-list on the NYSE under the symbol KEG.
One would have thought the company would have learned a lesson on how to manage through cycles and not add excessive debt, but no.
If that wasn't shocking enough, here is what the Interim CEO,Marshall Dodson said: "This agreement marks an important milestone in our process of…
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