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Pacific Exploration and Production Corp Restructuring
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Pacific Exploration & Production Corp. and certain of its direct and indirect subsidiaries have filed an application for protection under the Companies' Creditors Arrangement Act with the Superior Court of Justice in Ontario in connection with the implementation of the transaction described in its previously announced agreement with: (i) The Catalyst Capital Group Inc.; (ii) certain holders of the Company's senior unsecured notes (including members of the ad hoc committee; and (iii) certain of the Company's lenders under its credit facilities, to effect a comprehensive financial restructuring that will significantly reduce debt, improve liquidity, and best position the Company to navigate the current oil price environment.
As part of the CCAA proceedings, the Filing Entities are seeking…
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