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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 table summarizes reorganizations items (in thousands):
 
Successor
 
 
Predecessor
 
Year Ended December 31, 2017
 
 
Period from January 1, 2016 through December 15, 2016
(Gain) on debt discharge
$

 
 
$
(578,699
)
Settlement/Rejection damages

 
 
(770
)
Fresh-start asset revaluation (gain) loss, net
10

 
 
299,583

Professional fees
1,491

 
 
15,156

Write-off of deferred financing costs, debt premiums and debt discounts

 
 
19,159

     Total reorganization items, net
$
1,501

 
 
$
(245,571
)
With the exception of $1.5 million and $15.2 million in professional fees for the year ended December 31, 2017 and the period from December 16, 2016 to December 31, 2016, respectively, and $1.0 million in settlement and rejection damages for the period from December 16, 2016 to December 31, 2016, reorganization items are non cash expenses.
NOTE 6. ASSETS HELD FOR SALE
In April 2015, we announced our decision to exit markets in which we participate outside of North America. Our strategy was to sell or relocate the assets of the businesses operating in these markets. During the fourth quarter of 2015, the assets and related liabilities of our Russian business unit, which were included in our International reporting segment, met the criteria for assets held for sale. The sale of our Russian business unit was completed in the third quarter of 2017.
NOTE 7.    OTHER BALANCE SHEET INFORMATION
The table below presents comparative detailed information about other current assets at December 31, 2017 and 2016 (in thousands):
 
December 31,
 
2017
 
2016
Other current assets:
 
 
 
Prepaid current assets
$
9,598

 
$
10,291

Reinsurance receivable
7,328

 
7,922

Current assets held for sale

 
3,667

Other
2,551

 
3,882

Total
$
19,477

 
$
25,762

    
The table below presents comparative detailed information about other non-current assets at December 31, 2017 and 2016 (in thousands):
 
December 31,
 
2017
 
2016
Other non-current assets:
 
 
 
Reinsurance receivable
$
7,768

 
$
8,393

Deposits
1,246

 
8,292

Equity method investments

 
560

Non-current assets held for sale

 
360

Other
5,528

 
135

Total
$
14,542

 
$
17,740


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