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PES - Pioneer Energy Services Goes Under But Leaves Shareholders Something
Pioneer Energy Services
March 2nd brought what appears to have been some much-anticipated news for shareholders of Pioneer Energy Services (PES). The moderately-diversified energy services firm announced that it had decided to file for bankruptcy protection. Generally speaking, this kind of move results in a compete wipe-out for common shareholders, but management was able to strike a deal that keeps existing stockholders of the company with at least a small stake in the firm. It's not much and will more likely than not serve more as a band-aid would a gaping sword wound than it would