Pacific Exploration & Production reached an agreement with certain of its creditors affected by its previously announced comprehensive restructuring transaction. The resolution was approved by 98.4% of affected creditors. This approval represents a “required majority” under the plan.

“We are pleased with the overwhelming vote of support by affected creditors,” said Dennis Mills, chair of the independent committee of the board of directors. “The approval of the plan resolution is a key step towards the implementation of the plan and emergence from creditor protection. We continue to believe that that the plan represents the best alternative for the long-term interests of the company which significantly reduces debt, improves liquidity, and best positions the company to navigate the current oil price environment.”

“The Catalyst Capital Group is excited to have the creditors and Pacific’s support and we look forward to rebuilding Pacific’s strength for the benefit of all stakeholders,” said Gabriel De Alba, managing director and partner of Catalyst. Catalyst is providing $500 million in DIP financing to the company.

Canada-based Pacific Exploration & Production is an explorer and producer of natural gas and crude oil, with operations focused in Latin America.

The Catalyst Capital Group, a private equity investment firm with more than $6 billion in assets under management founded in 2002, is a leader in operationally focused turnaround investing.

Follow the story:
Catalyst Capital, Noteholders Provide DIP to Pacific Exploration
Pacific Exploration Updates Restructuring Process
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