Pacific Exploration files for recognition under Law 1116

Canadia oil and gas explorer Pacific Exploration & Production Corp. announced that the company and certain of its subsidiaries filed for creditor protection in Colombia under law 1116 whilst it implements its restructuring plan.

The company has entered into negotiations with lenders which include its bondholders and Catalyst Capital.

Operations of the company are expected to continue normally whilst the company undergoes restructuring.

During the course of restructuring, the company has ensured payment of dues to employees, suppliers and trade partners.

The company’s plan of restructuring has received support from creditors holding approximately 68% of the aggregate principal amount of its debt.

Source: Company Press Release

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