Pacific Provides an Update on its Restructuring Transaction and Anticipated Implementation Date

Pacific Exploration & Production has provided an update on its plan to restructure its creditor/catalyst transactions.
According to the news release:

The Company expects, assuming satisfaction or waiver of any remaining conditions, to implement the Plan and close the Creditor/Catalyst Restructuring Transaction during the week of October 3, 2016 (the actual date of the closing of the Creditor/Catalyst Restructuring Transaction is referred to as the “Implementation Date”) at which time the Company is expected to exit from creditor protection.
Pursuant to the terms of the indenture (the “DIP Warrant Indenture”) governing the warrants issued as part of the debtor-in-possession financing (the “DIP Financing”) made available in connection with the Creditor/Catalyst Restructuring Transaction (the “DIP Warrants”), October 3, 2016 has been designated as the “Anticipated Exit Date” (or the expected Implementation Date). The record date for determining the holders of the DIP Warrants who will be entitled to receive common shares (the “Warrant Shares”) on exercise thereof will be Monday, September 19, 2016 (the “Warrant Record Date”). On and after the Warrant Record Date, no transfer of a DIP Warrant will be accepted by Computershare Trust Company of Canada, the warrant agent, and trading in the DIP Warrants will be blocked in the book entry registration system.
Holders of the Notes (as defined in the Plan) are advised that this announcement and the Warrant Record Date do not affect trading of the Notes which, under the terms of the Plan, will remain tradable until the close of business three business days before the Implementation Date. The Company intends to provide further updates, including with respect to the Notes, closer to the Implementation Date.

Click here for the full news release.