New Filing: Key Energy Services Inc.

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Key Energy Services Inc.

  • 10/24/16 Recap: Oilfield services operator filed prepackaged plan to delever its balance sheet by 75% unsecured debt-for-equity swap subject to dilutive rights offering.
  • Jurisdiction: D. of Delaware
  • Capital Structure: $100mm '20 4.5% RCF (Wells Fargo), $315mm '20 9.25% TL (Cortland Capital Markets), $675mm '21 6.75% senior unsecured notes.     
  • Company Professionals:
    • Legal: Sidley Austin LLP (James Conlan, Larry Nyhan, Jeffrey Bjork, Andrew O'Neill, Christina Craige, John Hutchinson) & (local) Young Conaway (Robert Brady, Edwin Harron, Ryan Bartley)
    • Financial Advisor: Alvarez & Marsal LLC (Ed Mosley)
    • Investment Banker: PJT Partners (Mike Genereux)
    • Claims Agent: Epiq Bankruptcy Solutions LLC
  • Other Parties in Interest:
    • ABL Admin Agent (BofA):
      • Legal: Latham & Watkins (Richard Levy, James Ktsanes) & (local) Reed Smith (Kurt Gwynne, Emily Devan)
    • Term Lenders: (BlueMountain Capital Management LLC, TPG Specialty Lending Inc., Tennenbaum Capital Partners)
      • Legal: Davis Polk (Damian Schaible, Eli Vonnegut, Angela Libby) & (local) Richards Layton (Mark Collins, Andrew Dean)
      • Investment Banker: Evercore
    • Supporting Unsecured Noteholders:
      • Legal: Sullivan & Cromwell (Michael Torkin, David Jakus, Lee Parnes)
      • Investment Bank: Houlihan Lokey
    • Supporting Noteholders & Supporting Term Lenders
      • Legal: Cleary Gottlieb (Sean O'Neal, Humayan Khalid, Matthew Rappoport) & (local) Morris Nichols (Robert Dehney, Eric Schwartz, Andrew Remming, Andrew Roth-Moore)
    • Wells Fargo, as TL Agent
      • Legal: Greenberg Traurig
    • Unsecured Noteholders: Silver Point Capital LP, Contrarian Capital Management, Scoggin Capital Management, Platinum Equity Advisors, Quantum Partners, Goldman Sachs Global Special Situations Group

Updated 12/30/16