Pacific Energy Gets Creditor Protection In Canada

Law360, New York (March 13, 2009, 12:00 AM EDT) -- Oil and gas exploration and development company Pacific Energy Resources Ltd. has obtained creditor protection in Canada from the Supreme Court of British Columbia, the company announced Thursday after filing for bankruptcy protection in America earlier in the week.

The company has secured a stay against creditors, suppliers and others enforcing their rights against the company until April 9, it said in a statement. Pacific Energy has also come up with C$44 million ($34 million) debtor-in-possession financing to provide liquidity as it restructures, it said....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.