KEY ENERGY SERVICES, INC. (OTCMKTS:KEGXQ) Files An 8-K Entry into a Material Definitive Agreement

KEY ENERGY SERVICES, INC. (OTCMKTS:KEGXQ) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

As previously announced, on October 29, 2019, Key Energy Services, Inc. (the “Company” or “Key”) entered into a forbearance agreement (as amended on December 6, 2019, December 20, 2019 and January 10, 2020 the “ABL Forbearance Agreement”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”), and all of the lenders party thereto (the “Lenders”) regarding a cross-default under the Loan and Security Agreement, dated as of April 5, 2019, by and among Key, the Administrative Agent and the Lenders (such defaults, the “Specified Defaults”).

On January 31, 2020, the Company and the Lenders party thereto amended the ABL Forbearance Agreement (the “Forbearance Agreement Amendment”). to the Forbearance Agreement Amendment, the Lenders party thereto have agreed to extend the forbearance period until the earliest of (i) February 28, 2020, (ii) the occurrence of certain specified early termination events and (iii) the date on which the previously announced Restructuring Support Agreement between the Company and certain lenders under the Company’s term loan facility (the “RSA”) is terminated in accordance with its terms. In addition, the Lenders have agreed that the Forbearance Agreement shall also apply to any cross-default under the Loan and Security Agreement that may arise from certain specified defaults under the term loan facility set forth in the RSA.

The foregoing description of the Forbearance Agreement Amendment is qualified in its entirety by reference to the complete text of the Amendment to the ABL Forbearance Agreement, attached as Exhibit 10.1 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.