Pioneer Energy Services Corp. (fka PESXQ)

[trader59]

Was looking at it a bit wrong for the % of total equity. The 79.58M common shares in the O/S became 54.5k new shares in the company. Creditors got whatever else was issued in exchange for debt, total was about $400M, which was accepted because it was better than nothing. When the new ticker is issued and the distributions are made, I’d expect those creditors to race to the market to try and sell a bunch of it, and the way the distributions are made I bet they get the first licks at selling while the common broker delays happen for a new ticker for the investors holding the “old stock.” $40 is the break even price for the final closing price of the old stock. This should be fun.