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Southern Pacific Delaying Debt Payment
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Southern Pacific Resource Corp.’s Board of Directors has been engaged in a strategic review process with RBC Capital Markets, its financial advisor, to devise and implement a strategy to address the Company’s liquidity and financing requirements and improve its capital structure.
Strategic and financial alternatives under consideration are focused on relieving the financial burden of the current debt structure and obtaining additional financing necessary to fund ongoing operations and to drill additional wells at STP-McKay and Senlac. The alternatives under consideration and review include the sale of all or a portion of the Company’s assets, a recapitalization, debt and capital restructuring through statutory or other procedures, or a combination of the foregoing.
The Company has elected…
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