According to a recent filing with the Securities and Exchange Commission, Edward A. Mule and his fund, Silver Point Capital, have established a fresh stake in post-bankruptcy Key Energy Services Inc (NYSE:KEG). The fund has acquired approximately 1.34 million shares, which amount to 6.7% of the company’s common stock.
Billionaire George Soros‘ family office, Soros Fund Management, has also reported a new investment in Key Energy Services Inc (NYSE:KEG) recently. According to regulatory filings, the fund amassed 1.83 million shares or 9.09% of the company’s outstanding stock.
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An oilfield services company, Key Energy Services Inc (NYSE:KEG) emerged from bankruptcy protection on December 15 and resumed trading as a public company on December 16. Key Energy said in a statement it managed to reorganize $694 million of its long-term debt and have eliminated approximately $45 million worth of annual interest payments going forward. Key company shareholders prior to the bankruptcy received 5% of the new company’s shares, while the remaining 95% were awarded to debt holders.
On November 15, Key Energy Services posted its third quarter results, having reported a net loss of $130.8 million. On a per-share basis, the company posted an adjusted loss of $0.43 per share, missing analysts’ estimates of $0.34 per share. Key Energy Services also reported $102.4 million in revenue.
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 |
|---|---|---|---|---|---|---|
| Silver Point Capital | 1,344,497 | 0 | 1,344,497 | 0 | 1,344,497 | 6.7% |
| Edward A. Mul | 0 | 1,344,497 | 0 | 1,344,497 | 1,344,497 | 6.7% |
| Robert J. O Shea | 0 | 1,344,497 | 0 | 1,344,497 | 1,344,497 | 6.7% |
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Page 1 of 9 – SEC Filing
Key Energy Services, Inc.
Common Stock
49309J103
December 15, 2016
| ☐ | Rule 13d-1(b) | ||
| ☒ | Rule 13d-1(c) | ||
| ☐ | Rule 13d-1(d) | ||
| *The remainder of this cover page shall be filled out for 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 the 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 (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). | |||
