Pacific E&P closes $500 mln restructuring deal with Catalyst

Pacific Exploration & Production Corp (TSX: PEN), a Toronto-based explorer and producer of natural gas and crude oil in Latin America, has closed its restructuring deal with Catalyst Capital Group, a Canadian private equity firm, and other creditors. The deal, announced in April, recapitalized the company with US$500 million, and helped reduce debt to US$250 million from US$5.4 billion. Catalyst's Gabriel de Alba, who serves as Pacific E&P's chairman, said the company will implement a strategy to narrow its geographic focus and reduce organizational scale, complexity and cost while ensuring sustainable production and growth.

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