On February 28, 2020, Pioneer Energy Services Corp. and its affiliates Pioneer Coiled Tubing Services, LLC, Pioneer Drilling Services Ltd., Pioneer Fishing & Rental Services, LLC, Pioneer Global Holdings Inc., Pioneer Production Services Inc., Pioneer Services Holdings, LLC, Pioneer Well Services, LLC, Pioneer Wireline Services Holdings Inc. and Pioneer Wireline Services, LLC entered into a Restructuring Support Agreement with holders of approximately 99% in aggregate principal amount of the Company’s outstanding secured term loan facility and holders of approximately 75% in aggregate principal amount of the Company’s outstanding unsecured senior notes. As set forth in the RSA, including in the term sheet attached thereto, the Pioneer RSA Parties and Consenting Creditors have agreed to the principal terms of a proposed financial restructuring of the Company. The Restructuring is contemplated to be implemented through a prepackaged Chapter 11 plan of reorganization. On March 1, 2020, the Company filed voluntary petitions for relief under Title 11 of the United States Code (collectively, the “Chapter 11 Cases”) to effect the Plan. The RSA contemplates a comprehensive deleveraging of the Company’s balance sheet and an approximately $260 million reduction of the Company’s funded debt.