Key Energy’s Emergence from Chapter 11

Davis Polk advised the agent for the term lenders under a pre-petition secured term loan in the chapter 11 restructuring of Key Energy Services, Inc. and certain of its subsidiaries.

Key Energy Services Inc. entered into a Term Loan and Security Agreement, among the Company, as borrower, certain subsidiaries of the Company named as guarantors therein, the financial institutions party thereto from time to time as Lenders and Cortland Capital Market Services LLC and Cortland Products Corp., as agent for the Lenders.

The plan was confirmed during an uncontested confirmation hearing by the U.S. Bankruptcy Court for the District of Delaware on December 6, 2016. On December 15, 2016, the plan went effective, and the new term loan closed.

Key Energy offers clients a comprehensive array of onshore energy production services and solutions backed by decades of oilfield experience and industry knowledge. Key Energy is headquartered in Houston, Texas.

The Davis Polk insolvency and restructuring team included partners Damian S. Schaible (Picture) and Eli J. Vonnegut and associates Angela M. Libby, Stephen D. Piraino and Sarah E. Levin. The credit team included partner Meyer C. Dworkin and associates Mayer J. Steinman and Conor J. McCormick. The real estate team included counsel Susan D. Kennedy and associate Cameron W. Ormsby.

Involved fees earner: Damian Schaible – Davis Polk & Wardwell; Eli Vonnegut – Davis Polk & Wardwell; Angela Libby – Davis Polk & Wardwell; Stephen Piraino – Davis Polk & Wardwell; Sarah Levin – Davis Polk & Wardwell; Meyer Dworkin – Davis Polk & Wardwell; Mayer Steinman – Davis Polk & Wardwell; Conor McCormick – Davis Polk & Wardwell; Susan Kennedy – Davis Polk & Wardwell; Cameron Ormsby – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Cortland Products Corp.;


Author: Ambrogio Visconti