Is it Time for Pacific Exploration and Production to .... Latest article on Pacific, not that positive
It gives too much credit to EIG ......
As a result, Pacific Exploration has already breached a number of its financial covenants and has elected to defer US$66 million in interest payments in the hope that it could restructure its debt in order to survive. It placed itself on the market and is considering buyout offers;EIG Global Energy Partners offered US$4.1 billion for its senior bonds.
However, EIG has withdrawn that offer because of growing concerns over the outlook for crude and Pacific Exploration’s deteriorating financial condition.
Now with the clock fast running out on the grace period for the US$66 million interest payment, bondholders could agree to give Pacific Exploration more time to negotiate a deal, but they could also demand immediate payment and force the company into bankruptcy.
https://www.fool.ca/2016/03/28/is-it-time-for-pacific-exploration-and-production-to-turn-off-the-lights/