Pacific Exploration gets court approval for $500 mln DIP facility: Reuters

Pacific Exploration & Production Corp said an Ontario court approved a US$500 million debtor-in-possession financing facility for the Canadian company and its units, hours after it filed for creditor protection, Reuters reported. The Ontario Superior Court of Justice also approved a US$134 million letter-of-credit facility and second-priority lien over assets under the facility, the oil and gas company said. Pacific Exploration reached a deal last week with creditors, including Canadian private equity firm Catalyst Capital Group, to convert almost all of its debt to equity after it missed an interest payment due in March.

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