Pacific Exploration & Production Corp. said on Aug. 17 a majority of its creditors approved a restructuring plan, which will help it emerge from bankruptcy.
The company had filed for creditor protection in Canada in April as it grappled with a prolonged slump in oil prices. The Canadian oil producer has interests in more than 70 E&P blocks in various countries including Colombia, Peru, Guatemala, Brazil, Guyana and Belize.
Pacific Exploration said the restructuring plan was approved by 98.4% of the affected creditors including Catalyst Capital Group, which represented 97.2% in value of the eligible voting claims.
Pacific Exploration said it intends to seek an order from the Ontario Superior Court of Justice for sanctioning of the restructuring plan at a hearing scheduled for Aug. 23.
The company said it expects to implement and complete the restructuring transaction late in the third quarter or early in the fourth quarter of 2016.
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