Pacific Exploration backs Catalyst's restructuring bid

Wed May 18, 2016 6:41pm EDT
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May 18 (Reuters) - Pacific Exploration & Production Corp said its board was in favor of a restructuring proposal submitted by Catalyst Capital Group, after comparing it with a bid by EIG Global Energy Partners.

EIG Global submitted a binding proposal in early May to provide $250 million debtor-in-possession (DIP) financing to Pacific Exploration and sponsor the company's restructuring.

Catalyst Capital had also agreed to provide $250 million in DIP financing in April to take a 29.3 percent stake in the restructured company. (Reporting by Vishaka George in Bengaluru)