Pacific Exploration backs restructuring bid by Catalyst over EIG

U.S.-based oil explorer Pacific Exploration & Production Corp stated that its board was in favor of a restructuring proposal submitted by Catalyst Capital Group over a bid by EIG Global Energy Partners.

Previously, EIG Global had submitted a proposal in early May 2016 to provide $250m debtor-in-possession (DIP) financing to Pacific Exploration and sponsor the company’s restructuring.

Catalyst Capital had also agreed to provide $250m in DIP financing in April 2019 to take a 29.3 percent stake in the restructured company.

Source: Reuters

 

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