Pacific Exploration’s Canadian sanction recognized by U.S. court

New York, Oct. 11 – Pacific Exploration & Production Corp. said that the plan sanction order issued by the Ontario Superior Court of Justice on Aug. 23 was recognized by the U.S Bankruptcy Court for the Southern District of New York.

The U.S. order was issued on Oct. 3, according to a news release.

Pacific Exploration added that all but one of the conditions to the completion of the restructuring transaction have been satisfied or are in a position to be satisfied.

The exception is the release of a lien created by an order of the Colombian Superintendence of Corporations on June 10.

Submissions are currently being made to the superintendence.

Closing of the restructuring is now expected on or before Oct. 24, the company said.

Pacific Exploration had previously expected to close on Oct. 12 and before that during the week of Oct. 3.

Based in Toronto, Pacific Exploration is an oil and natural gas exploration company with operations in Latin America. The company filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on April 29 under Chapter 15 case number 16-11189.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.