Pacific Exploration receives extension under CCAA to Aug. 26

New York, May 26 – Pacific Exploration & Production Corp. said it received an extension of the stay under its Companies’ Creditors Arrangement Act (Canada) proceedings from the Ontario Superior Court until Aug. 26.

The company plans to use the time to complete its $500 million debtor-in-possession financing, put in place a new $134 million letter of credit facility and complete creditor meetings and court hearings required to approve its restructuring transaction, according to a news release.

Pacific Exploration expects to complete the restructuring in the third quarter.

In addition, the Colombian Superintendence of Corporations notified the company of a creditor hearing to be held on June 7 at 12 p.m. ET in Bogotá, Colombia to consider the company’s request for recognition of the Canadian proceedings.

Based in Toronto, Pacific Exploration is an oil and natural gas exploration company with operations in Latin America. It filed for CCAA protection on April 27.

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