0001214659-22-008393.txt : 20220629 0001214659-22-008393.hdr.sgml : 20220629 20220629160912 ACCESSION NUMBER: 0001214659-22-008393 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20220629 DATE AS OF CHANGE: 20220629 GROUP MEMBERS: TONTINE ASSET ASSOCIATES, LLC GROUP MEMBERS: TONTINE CAPITAL OVERSEAS MASTER FUND II, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: KLX Energy Services Holdings, Inc. CENTRAL INDEX KEY: 0001738827 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 364904146 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-90638 FILM NUMBER: 221054762 BUSINESS ADDRESS: STREET 1: 3040 POST OAK BOULEVARD STREET 2: 15TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: (832) 844-1015 MAIL ADDRESS: STREET 1: 3040 POST OAK BOULEVARD STREET 2: 15TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77056 FORMER COMPANY: FORMER CONFORMED NAME: KLX Energy Services Inc. DATE OF NAME CHANGE: 20180426 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GENDELL JEFFREY L CENTRAL INDEX KEY: 0001056581 FILING VALUES: FORM TYPE: SC 13G MAIL ADDRESS: STREET 1: 1 SOUND SHORE DRIVE STREET 2: SUITE 304 CITY: GREENWICH STATE: CT ZIP: 06830-7251 SC 13G 1 r628221sc13g.htm

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G

 

Under the Securities Exchange Act of 1934

 

(Amendment No. )*

 

KLX Energy Services Holdings, Inc.
(Name of Issuer)
 
Common Stock, $0.01 Par Value
(Title of Class of Securities)
 
48253L205
(CUSIP Number)
 
June 6, 2022
(Date of Event which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

o Rule 13d-1(b)

 Rule 13d-1(c)

o 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 (“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).

 

 

  
 

 

CUSIP No. 48253L205 13G Page 2 of 10 Pages

 

1

NAME OF REPORTING PERSON

Tontine Asset Associates, LLC

 

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) o

 

(b) o

 

3

SEC USE ONLY

 

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
5

SOLE VOTING POWER

-0-

 

6

SHARED VOTING POWER

615,664

 

7

SOLE DISPOSITIVE POWER

-0-

 

8

SHARED DISPOSITIVE POWER

615,664

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

615,664

 

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

o
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.27%

 

12

TYPE OF REPORTING PERSON

OO

 

 

  
 

 

CUSIP No. 48253L205 13G Page 3 of 10 Pages

 

1

NAME OF REPORTING PERSON

Tontine Capital Overseas Master Fund II, L.P.

 

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) o

 

(b) o

 

3

SEC USE ONLY

 

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
5

SOLE VOTING POWER

-0-

 

6

SHARED VOTING POWER

615,664

 

7

SOLE DISPOSITIVE POWER

-0-

 

8

SHARED DISPOSITIVE POWER

615,664

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

615,664

 

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

o
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.27%

 

12

TYPE OF REPORTING PERSON

PN

 

 

  
 

 

CUSIP No. 48253L205 13G Page 4 of 10 Pages

 

1

NAME OF REPORTING PERSON

Jeffrey L. Gendell

 

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) o

 

(b) o

 

3

SEC USE ONLY

 

4

CITIZENSHIP OR PLACE OF ORGANIZATION 

United States

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
5

SOLE VOTING POWER

-0-

 

6

SHARED VOTING POWER

615,664

 

7

SOLE DISPOSITIVE POWER

-0-

 

8

SHARED DISPOSITIVE POWER

615,664

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

615,664

 

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

 

o
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.27%

 

12

TYPE OF REPORTING PERSON

IN

 

 

  
 

 

CUSIP No. 48253L205 13G Page 5 of 10 Pages

 

Item 1(a).NAME OF ISSUER

 

The name of the issuer is KLX Energy Services Holdings, Inc. (the “Company”).

 

Item 1(b).ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES

 

The Company’s principal executive offices are located at 3040 Post Oak Boulevard, 15th Floor, Houston, Texas 77056.

 

Item 2(a).NAME OF PERSON FILING

 

This statement is filed by:

 

(i)

Tontine Capital Overseas Master Fund II, L.P. (“TCOM II”), a limited partnership organized under the laws of the State of Delaware, with respect to the shares of Common Stock directly owned by TCOM II;

 

(ii)

Tontine Asset Associates, LLC, a limited liability company organized under the laws of the State of Delaware (“TAA”), which serves as general partner of TCOM II, with respect to the shares of Common Stock directly owned by TCOM II; and

 

(iii)

Jeffrey L. Gendell, a United States citizen (“Mr. Gendell”), who serves as the Managing Member of TAA, with respect to the shares of Common Stock owned directly by him and by TCOM II.

 

The foregoing persons are hereinafter sometimes collectively referred to as the “Reporting Persons.” Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.

 

Item 2(b).ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE

 

The address of the business office of each of the Reporting Persons is 1 Sound Shore Drive, Suite 304, Greenwich, CT 06830-7251.

 

Item 2(c).CITIZENSHIP

 

See Item 2(a) above.

 

Item 2(d).TITLE OF CLASS OF SECURITIES

 

Common Stock, $0.01 Par Value (the “Common Stock”)

 

  
 

 

CUSIP No. 48253L205 13G Page 6 of 10 Pages

 

Item 2(e).CUSIP NUMBER

 

48253L205

 

Item 3.IF THIS STATEMENT IS FILED PURSUANT TO Rules 13d-1(b), OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:

 

  (a) o Broker or dealer registered under Section 15 of the Act;
       
  (b) o Bank as defined in Section 3(a)(6) of the Act;
       
  (c) o Insurance company as defined in Section 3(a)(19) of the Act;
       
  (d) o Investment company registered under Section 8 of the Investment Company Act of 1940;
       
  (e) o An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
       
  (f) o

An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

       
  (g) o A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
       
  (h) o

A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;

       
  (i) o

A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;

       
  (j) o A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);
       
  (k) o Group, in accordance with Rule 13d-1(b)(1)(ii)(K).
       
 

If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Not applicable

 

  
 

 

CUSIP No. 48253L205 13G Page 7 of 10 Pages

 

Item 4.OWNERSHIP

 

  A. Tontine Asset Associates, LLC
    (a) Amount beneficially owned:  615,664

  

(b)

Percent of class: 5.27%.  This percentage and those used elsewhere in this Schedule 13G are calculated based upon the 11,689,384 shares of Common Stock issued and outstanding as of May 6, 2022, as set forth in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2022 filed with the Securities and Exchange Commission on May 13, 2022.

    (c) (i) Sole power to vote or direct the vote:  -0- 
      (ii) Shared power to vote or direct the vote:  615,664
      (iii) Sole power to dispose or direct the disposition of:  -0- 
      (iv) Shared power to dispose or direct the disposition of:  615,664
     
  B. Tontine Capital Overseas Master Fund II, L.P.
    (a) Amount beneficially owned:  615,664
    (b) Percent of class:  5.27%
    (c) (i) Sole power to vote or direct the vote:  -0-
      (ii) Shared power to vote or direct the vote:  615,664
      (iii) Sole power to dispose or direct the disposition of:  -0- 
      (iv) Shared power to dispose or direct the disposition of:  615,664
     
  C. Jeffrey L. Gendell
    (a) Amount beneficially owned:  615,664
    (b) Percent of class:  5.27%
    (c) (i) Sole power to vote or direct the vote:  -0-
      (ii) Shared power to vote or direct the vote:  615,664
      (iii) Sole power to dispose or direct the disposition of:  -0-
      (iv) Shared power to dispose or direct the disposition of:  615,664
         

 

   
 

 

CUSIP No. 48253L205 13G Page 8 of 10 Pages

 

Item 5.OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

 

Not applicable. 

 

Item 6.OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

 

TAA, the general partner of TCOM II, has the power to direct the affairs of TCOM II, including directing the receipt of dividends from or the proceeds from the sale of such shares.  Mr. Gendell is the Managing Member of TAA and in that capacity directs its operations. 

 

Item 7.IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY OR CONTROL PERSON

 

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

 

Each of the Reporting Persons hereby makes the following certification:

 

By signing below each Reporting Person certifies that, to the best of his or 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.

 

   
 

 

CUSIP No. 48253L205 13G Page 9 of 10 Pages

 

SIGNATURES

 

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

DATE: June 29, 2022 

 

 

/s/ Jeffrey L. Gendell  
Jeffrey L. Gendell, individually, and as managing member of Tontine Asset Associates, LLC, for itself and as the general partner of Tontine Capital Overseas Master Fund II, L.P.  

 

   
 

 

CUSIP No. 48253L205 13G Page 10 of 10 Pages

 

EXHIBIT 1 

 

JOINT FILING AGREEMENT 

 

In accordance with Rule 13d-1(k)(1)(iii), the undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. 

 

DATE: June 29, 2022

 

 

 

/s/ Jeffrey L. Gendell    
Jeffrey L. Gendell, individually, and as managing member of Tontine Asset Associates, LLC, for itself and as the general partner of Tontine Capital Overseas Master Fund II, L.P.