EIG Global Energy pulls out of Pacific Exploration deal

• Investment firm EIG Global Energy Partners says it is withdrawing its buyout offer for Pacific Exploration and Production (PEGFF)
• The tender offer for $4.1B worth of Pacific’s senior bonds expired yesterday, and EIG says all tendered bonds have been returned.
• EIG had offered the bondholders $0.16 on the dollar and had promised an overhaul of Pacific’s management and the sale of assets.
• Bondholders could agree to give Pacific more time to make a deal, but otherwise Pacific may be down to just a few days before bondholders can demand immediate payment or force the company to file for bankruptcy.
• Earlier this month, WSJ reported the EIG deal as one of six potential buyout offers the company was considering.