As contemplated by the terms of the plan support agreement, dated August 24, 2016, by and among Key Energy Services, Inc. (the “Company” or “Key”) and certain of its subsidiaries, Platinum Equity and certain of the other holders of the Company’s 6.75% Senior Notes due 2021 (the “Senior Notes”), representing an aggregate of 89.1% in principal amount of the Senior Notes, and certain of the lenders under Key’s Term Loan Credit Agreement dated June 1, 2015, the Company elected not to make its interest payment of $22,781,250.00 due on September 1, 2016 with respect to its Senior Notes. The indenture governing the Senior Notes permits the Company a 30-day grace period to make the interest payment. If the Company does not make the payment for 30 days, an event of default is triggered under the indenture governing the Senior Notes and the Senior Notes may become due and payable. In addition, an event of default under the indenture related to the Senior Notes would trigger an event of default under the Company’s ABL and Term Loan facilities.

The information contained in this Item 7.01 is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Cautionary Note Regarding Forward Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature or that relate to future events and conditions are, or may be deemed to be, forward-looking statements. These statements are only predictions and are subject to substantial risks and uncertainties and are not guarantees of performance. Future actions, events and conditions and future results of operations may differ materially from those expressed in these statements.

Important factors that may affect Key’s expectations, estimates or projections include, but are not limited to, risks associated with Key’s reorganization; the ability of Key to implement the prepackaged plan of reorganization in Bankruptcy Court; conditions in the oil and natural gas industry, especially oil and natural gas prices and capital expenditures by oil and natural gas companies; and other factors affecting Key’s business described in “Item 1A. Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2015 and its other filings with the Securities and Exchange Commission.