Key Energy Services Inc. (KEGX)

[4starman]

From 8 K

"Company will offer existing noteholders and qualifying shareholders the right to subscribe for common equity of the reorganized Company, at a per share price of 75% of the plan value, to raise an aggregate of $75 million (to be used to fund the term loan repayment, among other things).

Certain eligible noteholders will backstop their pro rata share of 92% of the rights offering in exchange for a premium payable in equity of the reorganized Company.

Eligible shareholders will have the right to backstop up to a maximum of 8% of the rights offering.
Restructuring Timeline
Not later than:

June 6, 2016: Entry into Plan Support Agreement;

July 11, 2016: Commence Solicitation of Pre-Pack Plan and Rights Offering;

August 15, 2016: File Chapter 11;

September 30, 2016: Pre-Pack Plan Confirmation Hearing;

October 21, 2016: Pre-Pack Plan Effective Date
Other terms and conditions To be agreed