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UPDATE 1-Canada's Pacific Exploration delays interest payment

Published 2016-03-21, 07:18 a/m
© Reuters. UPDATE 1-Canada's Pacific Exploration delays interest payment
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March 21 (Reuters) - Canada's Pacific Exploration &
Production Corp PRE.TO said on Monday it chose not to make an
interest payment due March 28, making it the first
Toronto-listed oil and gas company in the last one year to delay
a payment.
The company, due to make a $25.6 million interest payment
next Monday, said it was working with debtholders to restructure
debt. The company has a 30-day grace period.
Pacific Exploration warned on Friday that its auditor had
raised significant doubt about its ability to continue as a
going concern.
The company suffered a major setback in March last year,
when Colombia's state-run Ecopetrol ECO.CN said it would not
extend its contract with Pacific Exploration to operate
Colombia's highest-producing Rubiales oilfield.
The decision on interest payment follows a Wall Street
Journal report last week that Pacific Exploration was evaluating
six buyout offers to avoid bankruptcy.
The company had a long-term debt of $5.38 billion and cash
and cash-equivalents of $342.7 million in the year ended
December.

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