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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)



G.
Elimination of debt issuance costs on Predecessor ABL Facility and record current portion of Term Loan Facility:
 
 
Predecessor ABL Facility issuance costs
$
3,099

 
Current portion of Term Loan Facility
2,500

 
Total
$
5,599

H.
Represents Term Loan Facility, at fair value, net of deferred finance costs on ABL Facility:
 
 
Long-term debt
$
250,000

 
Less: current portion
(2,500
)
 
Bank fees on the ABL Facility
(2,040
)
 
Total
$
245,460

I.
Reinstate rejection damage and other claims from Liabilities Subject to Compromise.
 
 
 
 
J.
Liabilities Subject to Compromise were settled as follows in accordance with the Plan:
 
 
Write-off of Liabilities Subject to Compromise
$
996,527

 
Term Loan Facility
(250,000
)
 
Payment of Predecessor Term Loan Facility principal
(38,876
)
 
Contract rejection damage and other claims to be satisfied in cash (long and short-term)
(3,010
)
 
Payment of contract rejection damage claim
(25
)
 
Payment to non-qualified holders of the 2021 Notes
(25
)
 
Issuance of Successor common stock to satisfy 2021 Notes claims
(125,892
)
 
Gain due to settlement of Liabilities Subject to Compromise
$
578,699

K.
Represents the cancellation of Predecessor common stock (par value of $16,055) and the distribution of Successor common stock (par value of $201).
 
 
 
 
L.
Consists of the net impact of the following:
 
 
Predecessor additional paid in capital:
 
 
Elimination of par value of Predecessor common stock
$
16,055

 
Compensation expense related to acceleration of Predecessor restricted stock units and awards
1,996

 
Warrants issued to holders of Predecessor common stock
(3,768
)
 
Issuance of Successor common stock to holders of Predecessor common stock
(13,695
)
 
Total
$
588

 
 
 
 
 
Successor additional paid in capital:
 
 
Issuance of common stock for the Rights Offering
$
108,866

 
Issuance of Successor common stock to satisfy 2021 Notes claims
125,817

 
Issuance of Successor common stock to holders of Predecessor common stock
13,687

 
Warrants issued to holders of Predecessor common stock
3,768

 
Shares withheld to satisfy payroll tax obligations
(210
)
 
Total
251,928

 
Net impact of Predecessor and Successor additional paid in capital
$
252,516


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