April 22 (Reuters) - Pioneer Credit Ltd PNC.AX :
* PROPOSED SCHEME OF ARRANGEMENT WITH CARLYLE GROUP HAS BEEN TERMINATED
* PROPOSED SCHEME OF ARRANGEMENT WITH CARLYLE GROUP HAS BEEN TERMINATED
* BEGAN LEGAL PROCEEDINGS ON DISPUTE WITH CARLYLE UNDER CO'S SYNDICATED FACILITY AGREEMENT
* NO LONGER SUBJECT TO EXCLUSIVITY PROVISIONS& FREE TO ENGAGE WITH OTHER PARTIES FOR ALTERNATIVE DEAL
* EXPECTS TO SAVE ABOUT $13M IN INVESTMENT SPEND OVER NEXT 3 MONTHS
* COMMENCED DISCUSSIONS WITH POTENTIAL THIRD PARTY LENDERS TO REFINANCE ITS DEBT FACILITIES
* ACTIONS HAVE BEEN TAKEN TO MINIMISE COSTS & POSITION CO TO TRADE THROUGH CURRENT LOCKDOWN PERIOD
* UNAUDITED MANAGEMENT ACCOUNTS REFLECT MANAGEABLE NET LOSS FOR THIS FINANCIAL YEAR
* BELIEVES IN MEDIUM TERM IT MAY SEE SOME BENEFITS FROM REDUCTION IN FUTURE PDP PRICING