RE:RE:RE:THE REASON PRE DIDNT MAKE THE INTEREST PAYMENTSI posted this yesterday.... worth reading again....... maybe caught EIG attentions. Hence, today's update. Canadian Law Firm Joins Contest for Pacific Exploration Bond LBO Wire , Shasha Dai, January 19, 2016, (c) 2016 Dow Jones & Company, Inc. Pacific Exploration & Production Corp . intends to reach an agreement with its various debtholders in the next few months as a contest to acquire the oil and gas producer's unsecured bonds heats up. Canadian law firm Goodmans LLP said Friday it represents an ad hoc committee of holders of roughly 40% of Pacific's bonds and is in regular contact with the owners of the remainder notes. Separately, an EIG Global Energy Partners affiliate recently launched a tender offer for all Pacific bonds. Goodmans said it is assessing the EIG offer, along with other matters. It isn't clear how Washington, D.C.-based EIG responded to Goodmans's announcement. Toronto-based Pacific recently skipped interest payment on two classes of bonds, using a 30-day grace period allowed by the bonds' debenture. The move was in part triggered by a minimum amount of cash Pacific is required to hold as part of a December agreement with its bank lenders. Various parties including Goodmans and EIG therefore are trying to consolidate positions in the bonds to obtain a seat at the table during a restructuring process. Meanwhile, Pacific has been negotiating with its bank lenders for a deal that would allow it to remain in operation until an agreement is reached, said a person with direct knowledge of the talks. The December agreement allowed Pacific until Feb. 26 to reach a deal with the bank lenders, a time frame the company is working toward, said the person with knowledge of the talks. Pacific also has been in contact with Goodmans as a representative of the bondholders, the person added. The oil and gas company, which operates largely in Latin America, has been hit hard by low oil and gas prices. Pacific has about $5.4 billion of outstanding debt, including $4.1 billion of bonds that Goodmans and EIG are trying to acquire, and $1.3 billion in loans held by such banks as Bank of America NA , HSBC Bank USA NA and Banco Latinoamericano de Comercio Exterior SA . EIG's offer comes out to more than 19 cents on the dollar, said another person familiar with the matter. Pacific's four classes of bonds traded at between 12 cents and 14 cents on the dollar midday Tuesday, according to bond-price tracker Trace. https://www.pacific.energy/en https://www.eigpartners.com https://www.goodmans.ca Write to Shasha Dai at shasha.dai@wsj.com; follow her on Twitter : @ShashaDai1 Read more at https://www.stockhouse.com/companies/bullboard/bullboard/t.pre/pacific-rubiales-energy-corp#eDTyzuF4lHmFX5BM.99