Covid-19 could jeopardize local energy company’s bankruptcy plan

Credit Suisse and other top creditors of San Antonio-based Pioneer Energy Services Corp. are withdrawing their support for the company’s bankruptcy plan, saying it doesn’t take into consideration the damage that Covid-19 has done to the oil market.

Credit Suisse Asset Management LLC, DW Partners LP and Whitebox Advisors LLC objected April 24 to the approval of Pioneer’s bankruptcy plan. The three asset management firms collectively hold $117 million of Pioneer’s $425 million in debt in the form…

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