Ann: Pioneer enters Standstill Agreement with Senior Financiers, page-13

My contention is that if a buyer for the whole business is not found, then that would obviously move the situation closer to a liquidation. At that point the PDP would probably have to sold to a trade buyer at a further depressed price. There is a fair amount of headroom above the debt as at latest asset values on the balance sheet, however these are expected to be revalued down. I think it's fair to say most or all of the equity would be wiped out in that situation. So yes, depending on the demand for the business or just assets, maybe the purchase price could come underneath the debt owed in a fire sale.