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

Page 6 of 8 – SEC Filing

Item 5. Ownership of Five Percent or Less of a Class.

If this statement is being
filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following
[_].

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

The securities reported in this Schedule 13G, which are
beneficially owned by Contrarian Capital Management, L.L.C., are owned by advisory clients of Contrarian Capital Management, L.L.C.,
none of whom, with the exception of Contrarian Capital Fund I, L.P., owns more than 5% of the class.

Item
7.
 Identification and Classification of the Subsidiary Which Acquired the Security
Being Reported on By the Parent  Holding Company.

 

Not Applicable.

Item
8.
 Identification and Classification of Members of the Group.

Not Applicable.

Item
9.
 Notice of Dissolution of Group.

Not Applicable.

Item 10. Certification.  

By signing below the undersigned certifies that,
to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of
or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection
with a nomination under § 240.14a-11.

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