Pioneer Companies Emerges from Chapter 11

Pioneer Companies Inc. has exited Chapter 11 proceedings in the United States and Canada according to Dow Jones. Pioneer announced that, pursuant to its plan, it has issued new debt securities to the postconfirmation agent for distribution to the company's creditors. Old common and preferred shares have been canceled, and new common shares will be distributed to unsecured creditors over the next several months. The Houston-based chemical maker filed for bankruptcy in July.  Pioneer also announced that its new board took office.