September 20, 2016
Curtis Advised Lazard in its Capacity as Investment Banker to Pacific Exploration & Production
Curtis acted as counsel to Lazard Ltd. in connection with its role as investment banker to Pacific Exploration & Production Corporation (“Pacific Exploration”). On April 27, 2016, Pacific Exploration and certain affiliates applied for and received an order for protection pursuant to the Companies’ Creditors Arrangement Act from the Ontario Superior Court of Justice Commercial List (the “Canadian Restructuring Proceedings”).
Pacific Exploration retained Lazard in 2015 to advise the company on strategic alternatives for the restructuring of certain of its debt obligations. This process resulted in the negotiation of a Restructuring Support Agreement with various consenting creditors and The Catalyst Capital Group Inc. as the sponsor of the proposed reorganization plan. Thereafter, Pacific Exploration initiated the Canadian Restructuring Proceedings described above. Pacific Exploration also requested and received recognition of the Canadian Restructuring Proceedings as a foreign main proceeding under Chapter 15 of the U.S. Bankruptcy Code and Colombian Law 1116.
Pacific Exploration is a leading explorer and producer of natural gas and crude oil, with operations in Colombia, Guyana, Peru, Guatemala, Brazil and Belize. Over the past decade, Lazard has advised on more than 500 restructurings worldwide, with an aggregate value of over $1 trillion, including many of the largest and most complex.
The Curtis team was led by Partners Steven J. Reisman and Theresa A. Foudy and Counsel Cindi M. Giglio from the Restructuring and Insolvency Department.