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Key Energy receives default notice
New York, June 7 - Key Energy Services, Inc. said the trustee for its 6 3/8% senior notes due 2013 and 8 3/8% senior notes due 2008 has delivered a notice of default.
The default relates to the financial reporting covenants and Key's failure to file its 10-K annual report for the year ending Dec. 31, 2003 by the May 31, 2005 deadline.
The Midland, Tex., well service company has 60 days to cure the default or obtain a waiver. After Aug. 5, the trustee or holders of 25% of the notes can accelerate the debt.
Under the latest consents from noteholders, Key Energy has until July 31 to file its 10-K for the year ending Dec. 31, 2004 and until Aug. 31, 2005 for its 10-Q.
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