|Day's Range||0.00 - 0.00|
|52 Week Range|
|PE Ratio (TTM)||N/A|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Mexican conglomerate Alfa now considers its investment in Pacific Exploration & Production a total loss after the Canadian hydrocarbons producer reached a restructuring deal with a private fund, a senior Alfa executive said on Thursday. Pacific in April reached a deal with some of its debtholders, including the investment fund Catalyst Capital Group, to convert almost all of its debt to equity as it looks to fight a prolonged slump in oil prices. The deal excluded Alfa, its biggest shareholder.
Pacific Exploration & Production Corp said its board was in favor of a restructuring proposal submitted by Catalyst Capital Group, after comparing it with a bid by EIG Global Energy Partners. EIG Global submitted a binding proposal in early May to provide $250 million debtor-in-possession (DIP) financing to Pacific Exploration and sponsor the company's restructuring. Catalyst Capital had also agreed to provide $250 million in DIP financing in April to take a 29.3 percent stake in the restructured company.
New York, May 13, 2016-- Moody's Investors Service affirmed Pacific Exploration and Production Corp' s C Corporate Family Rating and the C ratings on the company's senior unsecured notes. These actions ...