Pioneer Energy Services Corp. has emerged from Chapter 11 bankruptcy protection, completing its debt restructuring process and implementing the previously announced reorganization plan. In connection with the restructuring, Pioneer slashed its debt by about $267 million, from $475 million to $208 million, eliminated a substantial portion of its cash interest obligations, 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. Shares of the company’s common stock […]