When the restructuring is complete, current holders of Keys senior notes are expected to own about 95 percent of the reorganized companys common stock, and Keys current common equity holders will own the remaining 5 percent. Los Angeles-based investment firm Platinum Energy is expected to become Keys largest shareholder.
In a statement, Platinum Equity Partner Jacob Kotzubei said Key will emerge from this process as a stable, well-capitalized business with all the tools needed to thrive long term.
The company is an ideal platform for growth and consolidation as the oilfield services industry works through todays challenging market conditions,” Kotzubei continued. “We look forward to working with Robert Drummond (Key’s CEO) and his manag…
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