On August 24, 2016, Key Energy Services, Inc. and certain of its subsidiaries entered into a plan support agreement with Platinum Equity and certain of the other holders of its 6.75% Senior Notes due 2021. The Plan Support Agreement contemplates the financial reorganization of the Company pursuant to a prepackaged plan of reorganization and that the Company will file for voluntary relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware on or before November 8, 2016 in order to confirm the Plan. Under the contemplated Plan, the Company’s employees, vendors and trade creditors will be paid in full in the ordinary course of business. Upon completion of the restructuring, reorganized Key will remain a publicly traded company. Read more on distressed companies.
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