Pioneer Energy Services Files for Chapter 11

摘要

San Antonio-based Pioneer Energy Services has filed for Chapter 11 bankruptcy protection and has reached a deal with most of its lenders after defaulting on its debt. The firm, which provides wireline and coiled tubing services, said it will swap its existing debt for equity under an agreement with key stakeholders. Ratings agency Fitch said Pioneer is the “first energy loan default” this year and its bankruptcy pushes the high-yield energy trailing 12-month default rate to 10%, compared to 3% for the overall rate.