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Key Energy Services PSA Approved

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The U.S. Bankruptcy Court issued an order approving Key Energy Services’ plan support agreement (PSA) by and among the Debtors, certain holders of senior notes claims, certain holders of term loan claims and the supporting creditors.

As previously reported, “The Plan Support Agreement provides a clear path towards a comprehensive financial restructuring that will reduce the Debtors’ total operating company funded debt from approximately $1 billion to approximately $250 million, while leaving other Allowed Claims against the Debtors unimpaired. Among other things, the Plan Support Agreement negotiations resulted in binding term sheets that set forth the material terms of (a) the Plan, including with respect to corporate governance and the terms of New Warrants to be issued thereunder, (b) between $85 million and $110 million in fully-backstopped new money equity investment pursuant to the prepetition Rights Offering, (c) the Debtors’ consensual use of cash collateral, which will be sufficient to fund these Chapter 11 Cases without the need for debtor-in-possession financing, and (d) a $250 million term exit facility to be provided by, and serve as a distribution to, Holders of Term Loan Claims under the Plan.”

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