Pioneer Energy Services successfully emerges from Chapter 11Christian Fernsby ▼ | June 3, 2020
Pioneer Energy Services announced that it has emerged from Chapter 11 bankruptcy protection, successfully completing its debt restructuring process and implementing the Chapter 11 reorganization plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on May 11, 2020.
Chapter 11 Pioneer Energy Services
Topics: Pioneer Energy Services
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. ■