Ann: Pioneer enters Standstill Agreement with Senior Financiers, page-5

This is rolling out as I expected.

If you adopt the bankers position of (a) uncertain of the accounting/auditing matters and (b) concerned at the heightened degree of risk and (c) the well worn mantra of financiers that liquidation is both time consuming and very poor at returning capital, then, the logical and preferred choice is to get existing management to re-capitalize in one form or another.
I believe the bankers forced the company's hand by giving notice that they will not renew finance. Further they used the 'hammer' of not waiving default provisions to get the company to revisit all finance options including the offers they knew they had previously examined.

At the end of the day they will offer finance in the future but they will know there is more capital to back the business.

As always, the PNC announcements come from a positive position - quote - "provision of alternative funding, if required" ...if required????
and "This process is proceeding well"

Clearly a change of control has been sought so I would very much think KJ will be saddling up his pony and riding out of town.