Finance & Investing | Debt | Capital Markets
Pacific E&P Delays Interest Payment
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Pacific Exploration & Production Corp. has elected to not make the interest payment due on March 28, 2016 in connection with its 5.125% notes due 2023.
The failure to make such interest payment (of U.S.$25.6 million in the aggregate) on the scheduled date does not constitute an Event of Default under the indenture governing the 2023 Notes as the Company has a 30 day period from the scheduled payment date to cure the failure to make such payment. The Company continues to work with its debtholders to formulate a comprehensive plan to address the current oil price environment and ensure the long-term viability of its business.
The Company remains, and intends to remain, current with its suppliers, trade partners and contractors. Normal operations continue in Colombia and the other…
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