Pacific Exploration gets new restructuring proposal from EIG Global: Reuters
U.S. private equity firm EIG Global Energy Partners said it has submitted a binding proposal to provide US$250 million debtor-in-possession (DIP) financing to Pacific Exploration & Production Corp and sponsor the company's restructuring, Reuters reported. Compared with the DIP financing proposed by Canadian private equity firm Catalyst Capital Partners last month, EIG's proposed financing had a lower equity conversion, EIG said. Toronto-based oil and gas producer Pacific Exploration said in April it had reached a deal with debt-holders, including Catalyst, to convert almost all of its debt to equity.
9 May 2016•1 min read
