Davis Polk advised the agent for the term lenders under a pre-petition secured term loan in the chapter 11 restructuring of Key Energy Services, Inc. and certain of its subsidiaries. Key Energy filed a prepackaged chapter 11 plan of reorganization, pursuant to which, among other things, the term lenders would receive a partial cash paydown and the term loan would be replaced by a new $250 million term loan facility with Cortland Products Corp. acting as administrative agent. The plan was confirmed during an uncontested confirmation hearing by the U.S. Bankruptcy Court for the District of Delaware on December 6, 2016. On December 15, 2016, the plan went effective, and the new term loan closed.

Key Energy offers clients a comprehensive array of onshore energy production services and solutions backed by decades of oilfield experience and industry knowledge. Key Energy is headquartered in Houston, Texas.

The Davis Polk insolvency and restructuring team included partners Damian S. Schaible and Eli J. Vonnegut and associates Angela M. Libby, Stephen D. Piraino and Sarah E. Levin. The credit team included partner Meyer C. Dworkin and associates Mayer J. Steinman and Conor J. McCormick. The real estate team included counsel Susan D. Kennedy and associate Cameron W. Ormsby. All members of the Davis Polk team are based in the New York office.  

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