11:49 AM EST - Pacific Exploration & Production Corp. : Provided an update with respect to its comprehensive restructuring transaction with: (i) certain holders of the Company's senior unsecured notes (ii) certain of the Company's lenders under its credit facilities and (iii) The Catalyst Capital Group Inc. The Restructuring Transaction will significantly reduce debt, improve liquidity, and best position the Company to navigate the current oil price environment. Importantly, with the benefit of the $500 million U.S. of debtor-in-possession financing to be provided as part of the Restructuring Transaction, the Company will be able to continue to pay all of the suppliers, trade partners and contractors of the Company's subsidiaries across the jurisdictions in which they operate in accordance with local regulations. Pacific Exploration & Production Corp.
shares T.PRE are trading unchanged at $0.64.
