Pacific Exploration delays interest payment

Mon Mar 21, 2016 6:45am EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

March 21 (Reuters) - Canada's Pacific Exploration & Production Corp said it chose not to make an interest payment due March 28, as the company works with debtholders to restructure debt.

The company, which warned on Friday that its auditor had raised significant doubt about its ability to continue as a going concern, was due to make a $25.6 million interest payment next Monday. The company has a 30-day grace period.

Pacific Exploration suffered a major setback in March last year, when Colombia's state-run oil company, Ecopetrol, said it would not extend its contract with the Canadian company to operate Colombia's highest-producing oilfield. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Maju Samuel)