Item 8.01
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Other Information.
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As previously disclosed, on October 24, 2016, Key Energy Services, Inc.
(Key or the Company) and certain of its domestic subsidiaries (collectively, the Filing Subsidiaries and, together with the Company, the Debtors) filed voluntary petitions for reorganization under
chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court), pursuant to the terms of a plan support agreement, dated August 24, 2016, by and among the Debtors
and certain of their lenders and noteholders, that contemplates the reorganization of the Debtors pursuant to a prepackaged plan of reorganization (the Plan). The Debtors have obtained joint administration of their chapter 11 cases under
the caption
In re: Key Energy Services, Inc, et al.
, Case No. 16-12306. The subsidiary Debtors in these chapter 11 cases are Misr Key Energy Investments, LLC, Key Energy Services, LLC, and Misr Key Energy Services, LLC.
On November 18, 2016, the Debtors filed their monthly operating report for the period of October 1, 2016 through October 31, 2016 (the Monthly Operating
Report) with the Bankruptcy Court. The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Cautionary Note Regarding the Monthly Operating Report
The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report which was not
prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers limited time periods, and has been prepared solely for the purpose
of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with U.S. generally accepted accounting principles, is
in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Companys securities, the Monthly
Operating Report is complete. The Monthly Operating Report also contains information for a period which is shorter and otherwise different from those required in the Companys periodic reports pursuant to the Securities Exchange Act of 1934, as
amended (the Exchange Act), and such information might not be indicative of the Companys financial condition or operating results for a period that would be reflected in the Companys financial statements or in its reports
pursuant to the Exchange Act. Information set forth in the Monthly Operating Report should not be viewed as indicative of future results.
Cautionary
Note Regarding Forward-Looking Statements
This Current Report on Form 8-K and the exhibits hereto contain 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 Keys expectations, estimates or projections include, but are not limited to, the following: risks associated with
Keys reorganization; the ability of Key to obtain confirmation of the Plan from the Bankruptcy Court and/or meet all of the conditions precedent therein necessary to effectuate the Plan; conditions in the oil and natural gas industry,
especially oil and natural gas prices and capital expenditures by oil and natural gas companies; volatility in oil and natural gas prices; and other
factors affecting Keys 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 SEC and in Article XI of the Disclosure Statement.