Service & Supply | Oilfield Services | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit
Pioneer Energy Services Emerges from Bankruptcy
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Pioneer Energy Services Corp. has emerged from Chapter 11 bankruptcy protection, successfully completing its debt restructuring process.
Pioneer reduced total debt by approximately $267 million, from $475 million to $208 million, and obtained a new $75 million asset backed revolving credit facility.
The Company's $208 million of new debt consists of $78 million of floating rate senior secured notes due May 2025, with 50% of the interest in the first year paid in-kind rather than in cash, and $130 million of 5% convertible notes due November 2025, with all interest paid in-kind rather than in cash. Based on current interest rates total cash interest payable on the notes is anticipated to be approximately $4.3 million in the first year and $8.6 million thereafter.
Pioneer Rig Activity
Stacy Locke, Chief Executive Officer, said: "Today marks the completion of a restructuring and recapitalization that allows the Company to continue providing our customers with industry-leading expertise and safe, value-added services. On behalf of the management team, I would like to extend my gratitude to our employees for their hard work and dedication and to our customers, suppliers, and stakeholders for their support during this process."
New Board / Stock Trading Update
The Company also announced today a newly constituted Board of Directors, effective in conjunction with the Company's emergence from Chapter 11. The new Board is comprised of David Coppé, John Jacobi, Wm. Stacy Locke, Matt Porter, and Charlie Thompson.
Shares of the Company's common stock will no longer trade on the OTC Pink Marketplace. The Company anticipates trading of its common stock on the OTC market to commence again in the near future.
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