Pacific announces comprehensive restructuring agreement with Catalyst Capital with support of certain of its noteholders and lenders to strengthen its financial position
Summary
On completion of the Restructuring Transaction, it is contemplated that the fully diluted common shares in the reorganized Company, not giving effect to: (i) any of the Affected Creditors exercising or utilizing the Cash Out Offer, or (ii) any distribution of the Supporting Noteholder Consideration (as described below), will be allocated as follows: Catalyst (including as a provider of the DIP Financing) The Restructuring Transaction will result in a net reduction of the Companys indebtedness by approximately U.S. and a net reduction in annual interest expense by approximately U.S. . Importantly, the Company expects regular payments will be made to all of the Pacific Groups suppliers, trade partners, and contractors across the jurisdictions in which it operates in accordance with local regulations. Pacific Exploration & Production is committed to conducting business safely, in a socially and environmentally responsible manner.The Companys common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia under the ticker symbols PRE, and PREC, respectively.The Catalyst Capital Group Inc., 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. Catalysts Guiding Principles of investment excellence through operational involvement, superior analytics, attention to detail, intellectual curiosity, team and reputation are key to the firms success. The Catalyst team collectively possesses more than 110 years of extensive experience in restructuring, credit markets and merchant and investment banking in Canada, the United States, Latin America and Europe.This news release contains forward-looking statements.