The US Bankruptcy Court approved the pre-packaged plan of reorganization of Pioneer Energy Services Corp. on May 11, 2020. The debtor has filed its pre-packaged plan in the Court on March 1, 2020. As per the pre-packaged plan, administrative claims, professional compensation claims, DIP facility claims, priority tax claims, statutory fees, other priority claims, prepetition ABL claims and general unsecured claims shall be paid in full in cash. Prepetition term loan claims of $175 million bearing an interest rate of LIBOR plus an applicable margin of 7.75% and maturity of November 8, 2022 shall be paid in full in cash. Other secured claims shall be paid in full in cash or shall be reinstated. Notes claims of $300 million shall be recovered 32% i.e. $96 million and shall receive pro rata share of 94.25% of the new equity and subscription rights to acquire $116.12 million in new convertible bonds. Intercompany claims and intercompany interests shall be reinstated or cancelled. Subordinated claims shall be cancelled. Pioneer interests of $6 million shall be cancelled and discharged, and if Pioneer interest holders accept the plan then, each holder of an allowed Pioneer interest shall receive its pro rata shares of 5.75% of the new equity and subscription rights to acquire $7.08 million in new convertible bonds. If pioneer interest holders does not accept the plan then they shall receive pro rata share of subscription rights to acquire $7.08 million in new convertible bonds. The plan shall be funded through issue of new equity, rights offering convertible bonds of $123.21 million and exit facility consisting of exit ABL facility of $75 million and new secured bonds of $78.13 million.