Pacific Exploration reaches restructuring deal with Catalyst Capital: Reuters
Pacific Exploration and Production Corp has reached a deal with debt-holders, including Catalyst Capital Group, to convert almost all of its debt to equity as it looks to fight a prolonged slump in oil prices, Reuters reported. About US$5.3 billion of the company's debt will be exchanged for 58.2 percent of its common shares under the restructuring deal, Toronto-based Pacific Exploration said. Catalyst has agreed to provide half of the US$500 million in debtor-in-possession financing and will own a 29.3 percent stake in the restructured business.
19 April 2016•2 mins read
