Battered Pacific bonds fly as Alfa plots takeover

Oliver West

May 06, 2015 07:00 am

Puerto Gaitan, Pacific Rubiales — In this Feb. 13, 2015 photo, a man rides along a round about with a concrete arch at the entrance of Puerto Gaitan, Colombia. Soaring oil prices the past decade transformed this rural backwater into Colombia¬ís richest city as nearby fields pumped black gold, drawing new businesses, international pop stars and vanity art projects such as the biblical-themed arch that towers over these sweltering grasslands. Now, crashing crude prices have the 45,000 residents of Puerto Gaitan bracing for a big fall. (AP Photo/Fernando Vergara) | Fernando Vergara/AP/Press Association Images

Bondholders who showed faith in Colombia’s largest private oil company Pacific Rubiales could be spectacularly rewarded after reports emerged that minority shareholder Grupo Alfa had bid to acquire the firm.

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Oliver West

US Bureau Chief - Latin America Editor