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Pioneer Energy Services Files for Bankruptcy

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   |    Monday,March 02,2020

Pioneer Energy Services Corp. has filed for bankruptcy.

This Chapter 11 process does not include the Company's international entities, the majority of which are located in Colombia.

Pioneer At a Glance

CEO Stacy Locke commented: "Over the course of the last several years, Pioneer has been challenged by the difficult economics of the oil and gas industry. We have continued to adapt to the challenging market environment in which we operate, but our strong underlying business has continued to labor under a heavy debt burden. Our objective is to use the restructuring process to implement a balance sheet restructuring and set the Company on a path to succeed in the future with a right-sized debt structure and ample liquidity going forward. We are confident that these are the right steps to deliver value for the benefit of our stakeholders.

Locke continued, "We appreciate the ongoing hard work and commitment of the entire Pioneer team. I am confident our employees will continue to focus on safety, the day-to-day operations and provide our customers the quality of service they have come to expect from Pioneer. We are also grateful for the ongoing support of our vendors, suppliers and other business partners during the restructuring process."

Pioneer has received a commitment for $75 million in debtor-in-possession (DIP) financing from PNC Bank. Upon Court approval, the new financing and cash generated from the Company's ongoing operations will be used to support the business during the reorganization process. PNC has also committed to "roll" the DIP financing into an asset-based revolving credit facility at exit.



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