Why is it "fair to say that most or all of the equity would be wiped out"? The only reference the company has made, and we have no other point of reference just piles of valueless speculation, is that the balance sheet effect will be "relatively insignificant". Now, the company could be telling bald faced likes (and their credibility isn't great), but all we know is the lender is calling the loan based on an earnings breach not a BS breach.
If the lenders thought there was nothing there this would be all over. At the very least an administrator would have been appointed so that the same managers who sent the company to the wall weren't still in there deploying free cash flow into buying yet more assets.
Ann: Pioneer enters Standstill Agreement with Senior Financiers, page-18
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