Oil-Well Servicer Key Energy Cuts Debt by 80% -- Market Talk

道琼斯 · Jan 28, 2020 06:24

DJ Oil-Well Servicer Key Energy Cuts Debt by 80% -- Market Talk

17:24 ET - Key Energy Services is slashing its debt by 80% under a restructuring agreement outside of bankruptcy court. The Houston-based oil-well servicer said it would hand over 97% ownership stake over to lenders, just over three years after emerging from bankruptcy. Lenders are forgiving roughly $222M in debt. Oilfield contractors are bracing for troubles ahead as energy explorers cut back spending. Key says it will close the restructuring by the end of next month. (andrew.scurria@wsj.com; @AndrewScurria)

(END) Dow Jones Newswires

January 27, 2020 17:24 ET (22:24 GMT)

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Oil-Well Servicer Key Energy Cuts Debt by 80% -- Market Talk

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