Oil Price Drop Sends Pacific Energy Into Ch. 11

Law360, New York (March 9, 2009, 12:00 AM EDT) -- Oil and gas exploration and development company Pacific Energy Resources Ltd. and seven affiliates sought Chapter 11 protection Sunday, citing a precipitous drop in the price of crude oil over the past five months.

The Long Beach, Calif.-based company, which is traded on the Toronto Stock Exchange, said it plans to conduct business as usual while reorganizing, in papers filed in the U.S. Bankruptcy Court for the District of Delaware.

Pacific Energy currently owes $397.8 million, including $361.1 million in secured debt, to a Goldman Sachs...
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