Mexico’s Alfa Out of Pacific Exploration Restructuring

4/14/2016 The Wall Street Journal

energy - oil barrelsMEXICO CITY—Mexican industrial conglomerate Alfa SAB  made proposals for a restructuring of Canadian-Colombian oil firm Pacific Exploration & Production Corp. but is no longer involved in the process, a company official said Thursday.

Monterrey-based Alfa, which has a 19% stake in Pacific, made serious proposals for improving Pacific’s financial situation, but the oil company chose a different route, Alfa chief financial officer Ramón Leal said in a conference call with reporters.

Pacific said earlier Thursday that it agreed to negotiate a restructuring with private-equity investment firm Catalyst Capital Group Inc. and with creditors, following a recommendation from an independent committee of Pacific’s board. Terms are still being worked on and there is no assurance a deal will be reached.

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