(KWES) - Key Energy Services has announced they've filed for bankruptcy.
In a press release issued on Tuesday stated that operations will continue uninterrupted after the company filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
According to the release, there will be no impact to customers or employees during the reorganization.
Key Energy's President and Chief Executive Officer, Robert Drummond, said, "The filing of our prepackaged bankruptcy cases with the Bankruptcy Court is an important milestone in the process of restructuring Key to significantly reduce the Company's debt burden and to position the Company to take advantage of opportunities that emerge as the market recovers. Importantly, this prepackaged Plan will not interrupt our day-to-day operations and will allow Key to continue to deliver a high level of service to our customers in a safe manner and to pay our employees and vendors on a timely basis."
Key Energy Services said vendors and trade creditors will be paid in full.