Pacific Board Said to Support Catalyst Plan Over New EIG Bid
- Special committee said Catalyst bid in company’s best interest
- Latest EIG proposal attempted to wrest control of company
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A special committee of directors at Pacific Exploration & Production Corp. has recommended the board continue to support a restructuring proposal submitted by Canada’s Catalyst Capital Group after reviewing the latest proposal from EIG Global Energy Partners, according to a person familiar with the matter.
Pacific said during a May 10 court hearing in Toronto it was reviewing the latest proposal from EIG and that the special committee would make its recommendation in due course. The board met Tuesday night and endorsed the Catalyst bid as being in the best interest of the company, said the person, who asked not to be identified because the discussions were private.