Embattled debt buyer Pioneer Credit has revealed that the private equity firm that is supposed to be acquiring it has yet to produce a scheme implementation agreement.Pioneer, which is struggling to manage debt covenant breaches and a looming refinancing deadline, announced in December that it had entered into a scheme implementation agreement with Robin BidCo Pty Ltd and Robin HoldCo Holdings Ltd, which are both part of The Carlyle Group.But yesterday Pioneer issued a statement saying that, following a request that Carlyle proceed to finalise lodgement of the scheme booklet with the relevant authorities, it received a letter from Carlyle requesting further information in relation to Pioneer's business operations and performance.The company said: "Pioneer is considering Carlyle's letter in consultation with its advisers with the aim of reaching a position with Carlyle on proceeding with the scheme of arrangement."Pioneer is not able to provide an updated initiative timetable to completion of the scheme of arrangement at this stage and will provide any further information as it becomes available."Time is of the essence for Pioneer. The company's December half financial report said there is "material uncertainty related to going concern". If Carlyle gains control of Pioneer on or before September 20, which is the maturity date of the initial term under a "replacement" funding facility, the maturity date will be extended.If the Carlyle deal does not go ahead, Pioneer will have until that date to refinance about $165 million of debt."If the scheme does not proceed and no superior proposal emerges, Pioneer may experience funding challenges and its shares may trade at a significantly lower price than the scheme total cash consideration," the company said.The cause of the company's problem was a material difference in its expected net profit for 2018/19 due to the classification and measurement of its financial assets at amortised cost. The application of amortised cost to more than 900 debt portfolios changed the timing of when earnings are recognised in the accounts. The change explained the fall in earnings from $17.6 million in 2017/18 to $4.3 million for the year to June.The fall in earnings triggered a breach of the company's financial covenants under its senior financing facility.When the company released its 2018/19 financial report late in September, it reported that events of default had occurred and that it had entered into a standstill agreement with its senior financiers, Bankwest and Westpac.The funding issues have had a negative impact on the business. It struggled during the December half, largely because of constraints imposed on financing activity follow the covenant breach. It has also incurred significant costs under the standstill agreement with its lenders and also the cost of conducting the change of control process.It sold its consumer loan book during the half, at a loss of $2.3 million. The company made a loss of $8.7 million, compared with a profit of $3.7 million in the previous corresponding period.