Debt buyer Pioneer Credit has missed another refinancing deadline, reporting that the latest standstill agreement with its financier expired last Friday.

Pioneer owes A$141.6 million (plus interest) to Project Robin LP, which is part of private equity firm Carlyle Group.

A previous standstill agreement expired on July 17 but the parties negotiated an extension to August 14. This time there is no word of a further extension.

In a statement to the ASX, Pioneer said it remains in discussion with Carlyle. Trading in its shares is suspended.

Pioneer and Carlyle came together last December, when they entered into a scheme of arrangement for Carlyle to acquire Pioneer.

At the time Pioneer was in default with its lenders, Bankwest and Westpac, following a loss that was triggered by a change to the accounting treatment of its purchased debt ledgers. Carlyle took over the senior facility agreement as part of the scheme.

By March the takeover was off but the parties came to an agreement on the debt.

In a recent update, Pioneer said that at June 30 its cash position was $11.2 million and its purchased debt portfolio had a carrying value of $266.6 million.

It said cash receipts during the June quarter were $22.6 million and operating costs were $11.5 million.