Pioneer Energy Services emerges from Chapter 11


Pioneer Energy Services (OTC:PESX) says it has emerged from Chapter 11 bankruptcy protection and announces a newly constituted board of directors.

Pioneer says its debt restructuring has reduced total debt to $208M from $475M previously, eliminated a substantial portion of its cash interest obligations, and obtained a new $75M asset backed revolving credit facility.

The company anticipates its common shares will begin trading on the OTC market in the near future.





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