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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)



M.
Reflects the cumulative impact of the reorganization adjustments discussed above:
 
 
Reorganization items:
 
 
Gain due to settlement of Liabilities Subject to Compromise
$
578,699

 
Success fees incurred upon emergence
(6,536
)
 
Write of deferred issuance costs of Predecessor ABL Facility
(3,099
)
 
Total
$
569,064

 
 
 
 
Other:
 
 
Elimination of Predecessor D&O prepaid insurance
$
(2,203
)
 
Bank fees and charges
(27
)
 
Compensation expense related to acceleration of Predecessor restricted stock awards
(1,996
)
 
Total
$
(4,226
)
 
 
 
 
Net cumulative impact of the reorganization adjustments
$
564,838

 
 
 
N.
A fresh start adjustment to increase the net book value of inventories to their estimated fair value, based upon current replacement costs.
 
O.
An adjustment to adjust the net book value of property and equipment to estimated fair value.
 
The following table summarizes the components of property and equipment, net as of the Effective Date, both before (Predecessor) and after (Successor) fair value adjustments:
 
 
 
 
Successor Fair Value
 
Predecessor Historical Cost
 
Oilfield service equipment
$
267,648

 
$
1,660,592

 
Disposal wells
23,288

 
74,008

 
Motor vehicles
39,322

 
262,370

 
Furniture and equipment
8,835

 
129,084

 
Buildings and land
65,525

 
103,635

 
Work in progress
3,818

 
6,139

 
Gross property and equipment
408,436

 
2,235,828

 
Accumulated depreciation

 
(1,523,585
)
 
Net property and equipment
$
408,436

 
$
712,243

P.
An adjustment the net book value of other intangible assets to estimated fair value.
 
 
The following table summarizes the components of other intangible assets, net as of the Effective Date, both before (Predecessor) and after (Successor) fair value adjustments:
 
 
 
Successor Fair Value
 
Predecessor Historical Cost
 
Non-compete agreements
$

 
$
1,535

 
Patents, trademarks and tradenames
520

 
400

 
Customer relationships and contracts

 
40,640

 
Developed technology

 
4,778

 
Gross carrying value
520

 
47,353

 
Accumulated amortization

 
(43,757
)
 
Net other intangible assets
$
520

 
$
3,596



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