Mexico’s Chico Pardo, O’Hara Said in Group Bid for Pacific E&Pby and
A group including Mexican investor Fernando Chico Pardo and O’Hara Administration Co. has submitted a restructuring bid worth $575 million for Colombia-based oil producer Pacific Exploration and Production Corp., according to people familiar with the matter.
Chico Pardo is chairman of airport operator Grupo Aeroportuario del Sureste SAB and owner of the Promecap fund. The new bid comes after Pacific’s board earlier this year picked a restructuring offer submitted by Canada’s Catalyst Capital Group, beating proposals from EIG Global Energy Partners and others.
Pacific said Tuesday that it had received and was reviewing an alternative offer, without mentioning who it came from. Creditors voted on Wednesday to approve the Catalyst plan, although that decision could still be overturned, the people said.
The offer includes $325 million in funding from the plan’s sponsor, a further $225 million in debtor-in-possession funding and the $25 million breakup fee related to the Catalyst deal, they said.
Pacific failed to make bond interest payments in January and March and has struggled after a series of deals in recent years ballooned the company’s debt before oil prices plunged. It filed for creditor protection in April in the Superior Court of Justice in Ontario.
O’Hara, Pacific and Chico Pardo’s office didn’t immediately reply to requests for comment.