Pioneer Energy Services Corp. has won court approval for a modified chapter 11 exit plan after plummeting oil prices forced the company’s lenders and bondholders back to the bargaining table to renegotiate their “prepackaged” restructuring deal, WSJ Pro Bankruptcy reported. Bankruptcy Judge David Jones signed off on the new plan at a hearing on Monday in U.S. Bankruptcy Court in Houston. Under the modified restructuring deal, a group of Pioneer’s term lenders will receive half of the equity earmarked for bondholders under the company’s original prepack. In return, those lenders will buy a portion of convertible bonds issued by the reorganized Pioneer from the bondholders. Specifically, the lender group will buy $45.9 million of the $65.2 million in convertible bonds from the bondholders. The lenders will also purchase $75 million of the $78.1 million in newly issued Pioneer secured bonds from the bondholders. In addition, the bondholders will pay a $16 million transaction fee to lenders, with $1 million of that amount going to Pioneer.
