Davis Polk is advising the administrative agent under a $1 billion prepetition unsecured revolving credit facility in connection with Pacific Exploration & Production Corp.’s (together with its affiliates that are debtors in the proceedings referenced below, “Pacific”) April 27, 2016 filing under the Companies’ Creditors Arrangement Act (the “CCAA”).

Before the CCAA filing, the administrative and other prepetition financial creditors agreed to a Restructuring Support Agreement (the “RSA”), filed with the Court on April 27, under which approximately 49.9% of Pacific’s prepetition financial creditors agreed to support a plan of reorganization that would equitize Pacific’s prepetition financial debt. Additionally, a $500 million first-lien debtor-in-possession note facility and a $134 million junior lien debtor-in-possession letter of credit facility were approved by final order of the Canadian court presiding over Pacific’s CCAA proceedings on April 27, 2016.

It is anticipated that Pacific will seek recognition of the CCAA proceeding in the United States as a foreign main proceeding under Chapter 15 of the Bankruptcy Code and in Colombia under Ley 1116.

Pacific Exploration & Production Corp. is a publicly held Canadian company and a leading explorer and producer of crude oil and natural gas. Pacific has a diversified portfolio of assets with operations in Colombia, Peru, Brazil and elsewhere in Central and South America.

The Davis Polk insolvency and restructuring team includes partners Damian S. Schaible and Eli J. Vonnegut and associates Angela M. Libby and Benjamin M. Schak. The credit team includes partner Monica Holland and associates Natasha Tsiouris and Sanders Witkow. Partner John H. Butler and associate Evan Rosen provided M&A advice. All members of the Davis Polk team are based in the New York office.

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