KEGXQ .075 near CLEARED NOW!!! could go BIGLY on CLEAR LUCKY .077 BREAK!!!
On December 6, 2016, the Plan was confirmed by the Bankruptcy Court. This confirmation, which comes less than two months after the Debtors filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code, provides for Key to emerge from bankruptcy, likely by the end of December.
Robert Drummond, Key's President and Chief Executive Officer, commented, "The confirmation of our Plan is a critical milestone in the process to position Key to emerge from bankruptcy in short-order to take advantage of a recovering U.S. oil and gas market. The brevity and success thus far of our reorganization process would not have been possible without the strong support of Key's creditors and is a testament to Key's prospects for long-term value creation."
Key's restructuring will reduce the company's debt by approximately $725 million upon emergence. Key expects to exit bankruptcy with at least $80 million in cash on the balance sheet.
