No More Delays: Pacific Exploration to Finalize Restructuring Plan Tomorrow, List Shares November 3

Pacific Exploration & Production Corporation has finalized its restructuring plan and now expects to close its arrangement with Toronto-based private equity fund Catalyst Capital Group Inc. tomorrow.

The Canadian energy company believes the affected common shares will be listed on the Toronto Stock Exchange on November 3. The distributions previously announced under the plan — in cash or shares — remain unchanged.

The restructuring plan, which will allow Pacific Exploration to exit creditor protection, has taken more than half a year to complete. The company started negotiating with Catalyst in the spring after missing interest payments early in 2016.

After receiving creditor approval of the plan with Catalyst Capital in mid-August, the company later announced that it expected all the red tape to be cleared by October 3. This date was beset with at least two more delays during the month — the latest being attributed to holdups with the Colombian regulator — but now all appears to be moving forward.

The full terms of the agreement, as announced by the company on September 26, can be found here.

Pacific Exploration also plans to file an “Amended and Restated Annual Information Form” that will be dated October 17, 2016, for the period ended June 30, 2016. A copy of the document will be available at  www.sedar.com or the Pacific Exploration website.