Key Energy Files for Chapter 11 After Striking Restructuring Deal

Key Energy Services Inc., an oil-well servicer, filed for chapter 11 protection on Monday after securing its creditors’ support for a debt-restructuring deal.Key said in court papers that its restructuring plan, which is subject to the approval of the U.S. Bankruptcy Court in Wilmington, Del., will cut its $1 billion in liabilities to about $250 million so it can emerge from chapter 11 with a “manageable debt load.”

Source: Key Energy Files for Chapter 11 After Striking Restructuring Deal – NASDAQ.com

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