Under a prepackaged reorganization plan, Key Energy Services has filed for Chapter 11 bankruptcy – the latest oilfield services company to succumb to the ravages of the oil price downturn. The reorganization isn’t expected to impact the company’s 3,800 workers in the United States, who, along with vendors and trade creditors, will be paid in full in the ordinary course of business, according to the company’s news statement. Los Angeles-based private equity firm, Platinum Equity, will become Key’s largest shareholder upon completion of the restructuring. In its 10-Q filing Aug. 15 with the U.S. Security and Exchange Commission, Key said the company is at risk of missing debt payments , which could allow creditors to force a bankruptcy and result in little to no recovery for unsecured shareholders. As part of the plan support agreement (PSA), Key will conduct an $85 million rights offering for reorganized Key common stock. […]