Pacific Exploration lenders waive $1 bln net worth covenant

Tue Sep 29, 2015 6:42am EDT
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Sept 29 (Reuters) - Oil and gas producer Pacific Exploration and Production Corp reached an agreement with its lenders to waive off a covenant that requires it to maintain above $1 billion in net worth.

The waivers are effective for about $1.43 billion in debt facility and will terminate on Dec. 28, the company said on Tuesday. (Reporting by Shubhankar Chakravorty in Bengaluru; Editing by Shounak Dasgupta)