Pacific Exploration & Production negotiating restructuring transaction

By Sheri Kasprzak

New York, April 14 – Pacific Exploration & Production Corp. is working to negotiate a restructuring plan, according to a statement from the company.

The transaction involves private equity fund Catalyst Capital Group Inc. and the company’s creditors.

“The company, the ad hoc committee, the bank lenders and Catalyst continue to be engaged in direct negotiations in an effort to finalize the terms of such restructuring as soon as possible,” said the statement.

“There can be no assurance that the parties will reach an agreement with respect to such a restructuring or as to the terms of any restructuring.”

Ahead of the negotiations, Pacific said it has been engaged in a bid solicitation process over the past few months involving an ad hoc committee of noteholders representing more than half of the company’s senior notes and the company’s lenders under its credit facilities. As part of the process, bidders were allowed to disclose their offers to and negotiate directly with the ad hoc committee and bank lenders.

Pacific’s statement said its operations will continue without disruption.

Based in Toronto, Pacific Exploration is an oil and natural gas explorer and producer.

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