Pacific Exploration expects to implement plan during week of Oct. 3

By Caroline Salls

Pittsburgh, Sept. 13 – Pacific Exploration & Production Corp. expects to implement its plan of compromise and arrangement and close its creditor/Catalyst restructuring transaction during the week of Oct. 3, according to a company news release.

The company said it is expected to exit creditor protection under the Companies’ Creditors Arrangement Act on the transaction closing date.

The record date for determining the holders of debtor-in-possession warrants who will be entitled to receive common shares will be Sept. 19.

From the warrant record date, beneficial holders of DIP warrants will have until 5 p.m. ET on Sept. 30, subject to a 30-day grace period, to complete the certification requirement in order to receive their warrant shares on or shortly following the implementation date.

Based in Toronto, Pacific Exploration is an oil and natural gas exploration company with operations in Latin America. The company filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on April 29 under Chapter 15 case number 16-11189.

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