Houston-based Key Energy Services Inc. and lenders have reached a restructuring support agreement that aims to reduce the company’s long-term debt by about 80 percent.
The RSA was reached with lenders that hold over 99.5 percent of the principal amount of the company’s outstanding term loans, according to a Jan. 27 press release. Although such agreements often include the debtor filing for Chapter 11 bankruptcy protection, Key’s RSA calls for a series of out-of-court transactions. The restructuring…
