Large Pacific E&P restructuring completed

Blackhill Partners, Dallas, said it has completed the large restructuring of Pacific Exploration & Production (formerly Pacific Rubiales), Toronto, and related entities.

The restructuring, conducted under insolvency laws of Canada, Colombia, and the US, cut outstanding debt to $250 million as of June 30 from $5.4 billion at the end of last year, Pacific E&P said.

The company now has more than $500 million in cash and positive cash flow.

For the second quarter this year, it reported average net production after royalties of 125,850 boe/d in Colombia and 2,101 boe/d in Peru.

Blackhill Managing Director Jim Latimer was chief restructuring officer and now is interim chief executive officer. In the latter position he replaces retiring Ronald Pantin.

Retiring Chief Financial Officer Carlos Perez will be replaced by Camilo McAllister.

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