Pioneer Energy Services Corp. (fka PESXQ)

[SC777]

Reorganization announced and equity is IN THE MONEY, not so bad - should be worth more than current PPS:

Pioneer’s existing equity will be cancelled and exchanged for (a) 5.75% of the New Equity, subject to the class of holders of existing equity voting to accept the Plan, and (b) the right to participate in the Rights Offering on a pro rata basis for the purchase of 5.75% of the New Convertible Bonds and Stapled Special Voting Stock to be issued pursuant to the Rights Offering in accordance with the procedures governing the Rights Offering.