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Key Energy Services Inc (KEG): Contrarian Capital Reports 11.8% Passive Stake

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Key Energy Services Inc (NYSE:KEG) has been acquiring new investors one by one lately, and the newest one is in the form of Jon Bauer‘s Contrarian Capital. According to a recent 13G filing with the Securities and Exchange Commission, the fund has bought 2.38 million shares of the company, which amass 11.8% of the company’s outstanding stock.

Key Energy Services Inc (NYSE:KEG) is an oilfield services company, which has just started trading again, on December 16, after it dealt with bankruptcy issues, resolving $694 million of long-term debt. The company stopped trading at the end of July because NYSE Regulation concluded that the company’s prices are too low. Since the company continued trading, its shares have jumped by 21.89%.

In its financial report for the third quarter of 2016, Key Energy Services reported a diluted loss per share of $0.81 and revenue of $102.4 million, compared to a diluted loss per share of $0.58 and revenue of $95 million for the second quarter of 2016.

gas, fuel, handsome, manual, technician, glasses, coveralls, hat, machinery, red, valve, pipeline, pump, field, jack, crude, drilling, engineer, black, technology, smiling,

Zorandim/Shutterstock.com

At the end of June, a month prior to the company’s delisting, seven hedge funds in our database held long positions in Key Energy Services Inc (NYSE:KEG). Those investors included George Soros‘ Soros Fund Management, Mark Rachesky’s MHR Fund Management, Richard Pzena’s Pzena Investment Management, and Jim Simons’ Renaissance Technologies.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Contrarian Capital Management 2,376,935 2,376,935 2,376,935 1.8%
Contrarian Capital Fund I 1,135,907 1,135,907 1,135,907 .7%
Jon Bauer
Jon Bauer
Contrarian Capital

Page 1 of 8 – SEC Filing

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549

SCHEDULE 13G

 

(Amendment No. __)*

Under the Securities Exchange Act of 1934

                 Key
Energy Services, Inc.
                

(Name of Issuer)

                        Common
Stock, par value $0.01 per share
                     

(Titles of Class of Securities)

                               49309J103                               

(CUSIP Number)

                           December
15, 2016                           
 

(Date of Event Which Requires Filing
of this Statement)

Check the appropriate box to designate the rule pursuant
to which this Schedule is filed:

o
Rule 13d-1(b)

x
Rule 13d-1(c)

o
Rule 13d-1(d)

* The remainder of this cover page shall
be filled out of a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required in the remainder of this cover page
shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended
(the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).

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