May 26 (Reuters) - Pacific Exploration And Production Corp
PEGFQ.PK :
* $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: PEGFQ.PK
(Bengaluru Newsroom)