03:45 PM EST - Pacific Energy Resources Ltd. : said that it has closed the sale of its California assets to entities formed by its secured lenders. As consideration for the sale, the lenders effectively tendered all of their debt. The company will continue to operate these assets until the buyers' operating company receives necessary regulatory approvals, and the existing team of employees will transition to the new operating company. Earlier in December, subsidiaries of the company sold their "Group 1" assets for a purchase price of $2.25 million to Cook Inlet Energy LLC. The bankruptcy court approved a motion to reverse the previous abandonment in order to consummate a sale. Pacific Energy Resources Ltd.
shares T.PFE are trading even at $0.01.
