Pacific Exploration & Production today confirmed a court order sanctioning its restructuring transaction.
The Ontario Superior Court of Justice approved the company’s plan of compromise and arrangement pursuant to the Companies’ Creditors Arrangement Act.
Dennis Mills, chair of the Independent Committee of the Board of Directors, said: “The granting by the Court of the Sanction Order represents another important step towards the implementation of the plan and emergence from creditor protection.”
Gabriel De Alba, managing director and partner of Catalyst, added: “Catalyst, the Company’s creditors and the Independent Committee have worked tirelessly to ensure a foundation for the company that is focused on sustainability and long-term value creation.
“We are very pleased that the restructuring transaction can now move forward with certainty, for the benefit of all of Pacific’s stakeholders and the communities in which the company operates.”
Pacific Exploration & Production expects to complete its restructuring by the end of the year.