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SEC Filings

10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 
Key Energy Services, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)



The following fresh-start condensed consolidated balance sheet presents the implementation of the Plan and the adoption of fresh-start accounting as of December 15, 2016. Reorganization adjustments have been recorded within the condensed consolidated balance sheet to reflect the effects of the Plan, including discharge of liabilities subject to compromise and the adoption of fresh-start accounting in accordance with ASC 852 (in thousands).
 
Predecessor Company
 
Reorganization Adjustments (A)
 
Fresh Start
Adjustments
 
Successor Company
ASSETS
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
38,751

 
$
52,437

B
$

 
$
91,188

Restricted cash
19,292

 
5,400

C

 
24,692

Accounts receivable, net
72,560

 
(210
)
D

 
72,350

Inventories
22,900

 

 
383

N
23,283

Other current assets
27,648

 
(2,295
)
E

 
25,353

Total current assets
181,151

 
55,332

 
383

 
236,866

Property and equipment, gross
2,235,828

 

 
(1,827,392
)
O
408,436

Accumulated depreciation
(1,523,585
)
 

 
1,523,585

O

Property and equipment, net
712,243

 

 
(303,807
)
 
408,436

Other intangible assets, net
3,596

 

 
(3,076
)
P
520

Other assets
17,428

 

 
369

Q
17,797

TOTAL ASSETS
$
914,418

 
$
55,332

 
$
(306,131
)
 
$
663,619

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
Accounts payable
$
12,338

 
$

 
$

 
$
12,338

Other current liabilities
99,524

 
(1,032
)
F
(264
)
R
98,228

Current portion of long-term debt
(3,099
)
 
5,599

G

 
2,500

Total current liabilities
108,763

 
4,567

 
(264
)
 
113,066

Long-term debt

 
245,460

H

 
245,460

Workers’ compensation, vehicular and health insurance liabilities
23,126

 

 

 
23,126

Deferred tax liabilities
35

 

 

 
35

Other non-current liabilities
35,754

 
332

I
(6,284
)
S
29,802

Liabilities subject to compromise
996,527

 
(996,527
)
J

 

Equity:
 
 
 
 
 
 
 
Common stock
16,055

 
(15,854
)
K

 
201

Additional paid-in capital
969,915

 
252,516

L
(970,502
)
T
251,929

Accumulated other comprehensive loss
(40,394
)
 

 
40,394

T

Retained earnings (deficit)
(1,195,363
)
 
564,838

M
630,525

T

Total equity
(249,787
)
 
801,500

 
(299,583
)
 
252,130

TOTAL LIABILITIES AND EQUITY
$
914,418

 
$
55,332

 
$
(306,131
)
 
$
663,619

Reorganization and Fresh Start Adjustments
Reorganization Adjustments (in thousands)
A.
Represents amounts recorded on the Effective Date for the implementation of the Plan, including the settlement of liabilities subject to compromise, issuance of new debt and repayment of old debt, reinstatement of contract rejection obligations, write-off of debt issuance costs, proceeds received from the rights offering, distributions of Successor common stock and the Warrants, the cancellation of the Predecessor common stock, and the cancellation of the Predecessor stock incentive plan.


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