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¬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

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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Colombia Americas LatAm Bonds Emerging Markets LatAm Latin America

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Oliver West

US Bureau Chief - Latin America Editor