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Pioneer Credit in death spiral as vultures circle

James Frost
James FrostFinancial services writer
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Retail investors are bracing for the worst after Pioneer Credit asked for its suspension from the ASX to be extended for a month amid speculation it could be placed into administration.

The controversial buyer of bad debts announced on Monday it was likely to materially miss profit and EBIT forecasts, triggering a breach of its debt covenants and leading one of its bankers to cut off its funding.

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James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
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    Original URL: https://www.afr.com/companies/financial-services/pioneer-credit-in-death-spiral-as-vultures-circle-20190902-p52n5a