BRIEF-Pacific Exploration & Production updates on restructuring plan

Thu May 26, 2016 8:34pm EDT
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May 26 (Reuters) - Pacific Exploration And Production Corp :

* $500 million of debtor-in-possession financing to be provided as part of restructuring transaction

* announces restructuring update,approval of consensual resolution with IFC and CCAA court approval of stay of proceedings extension

* Will be able to continue to pay all of suppliers, trade partners and contractors of subsidiaries across jurisdictions

* Restructuring transaction will reduce debt, improve liquidity, and best position company to navigate current oil price

* Ontario superior court approved an extension of stay of proceedings until August 26, 2016

* Says during period, company intends to complete its u.s. $500 mln debtor-in-possession financing

Source text for Eikon:

Further company coverage: (Bengaluru Newsroom)