Pacific reviews alternative proposal before restructuring approval

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Pacific reviews alternative proposal before restructuring approval

Oliver West
August 17, 2016 07:15 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’s 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

Less than 12 hours before a creditor meeting to approve its drawn-out restructuring, Canadian-Colombian oil company Pacific Exploration & Production said on Tuesday evening that it had received a letter proposing an “alternative transaction”.

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Oliver West
US Bureau Chief - Latin America Editor
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