Pacific Exploration backs Catalyst's restructuring bid: Reuters
Pacific Exploration & Production Corp said its board was in favor of a restructuring proposal submitted by Catalyst Capital Group, after comparing it with a bid by EIG Global Energy Partners, Reuters reported. EIG Global, a U.S. private equity firm, submitted a binding proposal in early May to provide US$250 million debtor-in-possession (DIP) financing to Pacific Exploration and sponsor the company's restructuring. The Toronto-based oil and gas producer previously announced it had reached a deal with debt-holders, including Catalyst Capital, a Canadian private equity firm, to convert almost all of its debt to equity.
19 May 2016•1 min read
