Colombian Pacific falls from grace as EIG circles

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Colombian Pacific falls from grace as EIG circles

Oliver West
January 21, 2016 09:30 PM
Puerto Gaitan, Pacific Rubiales
In this Feb. 13, 2015 photo, a man rides along a round about with a concrete arch at the entrance of Puerto Gaitan, Colombia. Soaring oil prices the past decade transformed this rural backwater into Colombia’s richest city as nearby fields pumped black gold, drawing new businesses, international pop stars and vanity art projects such as the biblical-themed arch that towers over these sweltering grasslands. Now, crashing crude prices have the 45,000 residents of Puerto Gaitan bracing for a big fall. (AP Photo/Fernando Vergara) | Fernando Vergara/AP/Press Association Images

Energy investor EIG said that bondholders of Colombian-Canadian oil firm Pacific Exploration & Production faced a “de minimis” recovery after the company said on January 15 that it would not make scheduled coupon payments this month.

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Oliver West
US Bureau Chief - Latin America Editor
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