Pacific Exploration seeks creditor protection in Canada: Reuters
Pacific Exploration & Production Corp and its units filed for protection from creditors in Canada after failing to cope with a prolonged slump in oil prices, Reuters reported. The Toronto-based company, formerly known as Pacific Rubiales Energy Corp, said it had filed for creditor protection under the Companies' Creditors Arrangement Act, an insolvency law that allows businesses to restructure their finances and stay in business. Pacific Exploration reached a deal with debt-holders, including Canadian private equity firm Catalyst Capital Group, last week to convert almost all of its debt to equity.
27 April 2016•2 mins read
