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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)



B.
The Effective Date cash activity from the implementation of the Plan and the Rights Offering are as follows:
 
 
Sources:
 
 
 
Proceeds from Rights Offering
$
108,984

 
 
Overfunding of Rights Offering to be returned
98

 
 
Total Sources
$
109,082

 
Uses:
 
 
 
Payment of Predecessor Term Loan Facility
$
(38,876
)
 
 
Payment of interest on Predecessor Term Loan Facility
(4,277
)
 
 
Payment of bank fees
(2,126
)
 
 
Transfer to restricted cash to fund professional fee escrow
(5,400
)
 
 
Payment of professional fees
(5,656
)
 
 
Payment of letters of credit fees and fronting fees of Predecessor ABL Facility
(260
)
 
 
Equity Holder Cash-Out Subscription
200

 
 
Payment to Equity Holders who chose to cash out
(200
)
 
 
Payment to non-qualified holders of the 2021 Notes
(25
)
 
 
Payment of contract rejection damage claim
(25
)
 
 
Total Uses
$
(56,645
)
 
 
Net sources of cash
$
52,437

C.
Transfer of cash and cash equivalents to fund professional fee escrow cash account as required by the Plan.
 
 
 
 
 
D.
Satisfaction of payroll withholdings related to accelerated vesting of Predecessor restricted stock units and awards.
 
 
 
 
 
E.
Elimination of Predecessor Directors and Officers ("D&O") insurance policies and release of prepaid professional retainer net of capitalized ABL Facility related fee:
 
Predecessor D&O insurance
$
(2,203
)
 
Release of professional retainer
(150
)
 
Payment of ABL Facility related fee
58

 
Total
$
(2,295
)
F.
Decrease in accrued current liabilities consists of the following:
 
 
Reinstate rejection damage and other claims from Liabilities Subject to Compromise (short-term)
$
2,677

 
Accrual for success fees incurred upon emergence
3,786

 
Over funding of Rights Offering to be returned
98

 
Payment of interest on Predecessor Term Loan Facility
(4,277
)
 
Payment of professional fees and the application of retainer balances
(3,056
)
 
Payment of letters of credit fees and fronting fees on the Predecessor ABL Facility
(260
)
 
Total
$
(1,032
)

65