Pioneer Energy Services Corp. (fka PESXQ)

[trader59]

Why would a company going through a bankruptcy be “pegged” at a market cap that is 200X’s current?

Looks to me like shareholders currently own 100% of the equity in the company, and after the plan is approved will own less than 6, like a RS with immediate dilution. There’s a possibility of an increase in value later if the company figures out how to make a profit some day, but some of those creditors owning the 94% of the equity will want to convert shares to cash as that happens.