Pacific Exploration restructuring receives support from creditors; extends deadline for further acceptances

Canada-based oil and gas explorer Pacific Exploration & Production Corp., announced that its Restructuring Plan was supported by bondholders holding c. 67.8% of the company’s debt.

Previously, on 27 April 2016, the company and certain of is subsidiaries had obtained an Initial Order from the Superior Court of Justice in Ontario under the Companies Creditors Arrangement Act.

Bondholders, who supported the restructuring plan by 29 April 2016, would receive a 2.2% stake in the reorganized company’s equity.

Further, the company has extended the restructuring deadline until 6 May 2016.

Source: PRNewswire