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Inside, confidential and off the record

Rubiales no way out?

Pacific Rubiales is going down fast they say, and it shows in their stock price in the last six months it when from around $20 to $2.65 on Wednesday closing ; Bloomberg reported on Wednesday:

The freefall in oil already had Pacific Rubiales Energy Corp. bondholders on edge. Now, the Colombian oil producer is going to lose its biggest field. The company's $1.3 billion of notes due 2019 have plunged 17 percent since March 12, the day before Pacific Rubiales said its contract to operate Colombia's largest oil field won't be extended. The drop, the biggest in emerging markets, has pushed the notes deeper into distressed territory as yields rose to a record 17.76 percentage points more than U.S. Treasuries. With oil resuming its plummet and Pacific Rubiales losing access to a field that makes up 35 percent of its output, concern is deepening over how exactly the company can pay its obligations. The producer, which more than tripled its debt since the end of 2012, reported a record quarterly loss of $1.66 billion Wednesday and suspended its dividend to save cash.

However, according to our sources the situation is really going from bad to worst for Rubiales, they are cash short, had to let go all contract workers, are delaying the workforce payroll, and are way behind on their suppliers payments, in other words they are short of declare themselves on chapter 11, will they have to? “Things look grim,” said David Ross, a global equity fund manager at Paris-based Financiere de l'Echiquier. “I don't see a light at the end of the tunnel. I could definitely see them going into a restructuring.”, Bloomberg reported. Let's hope it is not the case and perhaps they get a way out.

03/19/2015 - Send Us Your Issues

ISSUES.... Inside, confidential and off the record

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