Update: Pacific Exploration’s restructuring plan

Key takeaways of the updates on Pacific Exploration’s restructuring plan:

  • $500m debtor-in-possession financing to be provided as part of restructuring transaction
  • Gained court approval of consensual resolution with IFC of stay of extension of proceedings
  • Company would be able to continue paying all of suppliers, trade partners and contractors of subsidiaries across jurisdictions
  • Restructuring transaction aims to reduce debt and improve its liquidity
  • The superior court of Ontario approved an extension of stay of proceedings until 26 August 2016

Source: Reuters

 

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