From IV, thanks to WigglingPacific Rubiales, Back in Distress, Still Has Time on Its Side Oil is reacting very well to the news of an Iran deal. Here are some comments on PRE. All I want to know is where are those f*cking Venezuelan investors now? Haven't heard a peep from them after they scuttled a very reasonable take out deal. Wiggling Theres no denying how tough things look right now for Pacific Rubiales Energy Corp. The Colombian driller battered by crudes plunge and the loss of its biggest oil field saw its future become bleaker last week when its widely heralded savior scrapped plans to buy the company. Bondholders have wasted no time registering their pessimism, pushing the companys notes down the most in emerging markets and leaving them in distressed territory again. Still, the gloom enveloping Pacific Rubiales may be overstated, according to Jefferies Group LLC and Credit Agricole. Thats because the company has bought itself some time in recent months by pushing back maturities and cutting costs, giving it the ability to pay debt at least over the next few years, they say. Pacific Rubiales had about $860 million of cash on hand to cover just $18 million in short-term debt and no bonds maturing until 2019. Theyre very fortunate because they have a lot of time for things to get better, said Luis Maizel, who manages $5.5 billion of fixed-income assets, including Pacific Rubiales bonds, at LM Capital Group in San Diego. There is a decent chance for them to make it, but there are a lot of moving pieces. Pacific Rubiales says it will continue to reduce debt and operating costs as it sells non-core assets. It will also seek opportunities in Mexico with Alfa SAB as a partner. Unless theres an increase in the price of oil, the focus will be on paying debt, Pacific Rubiales said in an e-mail.