Investors fear Pacific default with oil firm set to skip payment

Oliver West

January 18, 2016 06:30 am

Pacific, Rubiales, Colombia, oil, Puerto Gaitan — In this Feb. 13, 2015 photo, a truck loaded with crude from the Campo Rubiales oil field crosses the bridge over the Manacacias River in Puerto Gaitan, Colombia. A net oil importer not too long ago, Colombia is now the fifth biggest supplier to the U.S. (AP Photo/Fernando Vergara) | Fernando Vergara/AP/Press Association Images

Heavily indebted Colombian-Canadian oil company Pacific Exploration & Production disappointed some bondholders on Friday by announcing it intended to miss coupon payments due this month and use the 30 day grace period “to assess strategic alternatives”.

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Oliver West

US Bureau Chief - Latin America Editor