Pacific Exploration & Production reached an agreement with certain of its creditors affected by its previously announced comprehensive restructuring transaction.
Pacific Exploration successfully closed a $500 million debtor-in-possession financing with The Catalyst Capital Group and certain noteholders.
Pacific Exploration entered into forbearance agreements with its lenders. Bank of America and HSBC served as administrative agents.
Pacific Exploration & Production announced that the requisite number of its bank lenders have approved and have entered into the previously announced forbearance agreements with the company.