Pacific Exploration Loses EIG Buyout Offer

EIG Global Energy Partners pulled its buyout offer for distressed oil company Pacific Exploration & Production Corp. It was one of a few deals the company said could ward off bankruptcy. The Wall Street Journal has the Daily Bankruptcy Review article here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Law school graduates who file for bankruptcy can cancel debt from when they studied for the bar, a judge ruled, saying they are different from traditional student loans. Read the DBR story in WSJ.

Lehman Brothers Holdings Inc. won approval to hand out an additional $1.6 billion to creditors, DBR reports in WSJ.

A WSJ analysis looks at what could happen if Congress waits to take action on the Puerto Rico crisis. (Credit Slips also has some Puerto Rico analysis.)

Spain’s Abengoa got the OK to avoid bankruptcy, Reuters reports. (Its U.S. unit filed for chapter 11 last month.)

Bloomberg reports on Japanese airline Skymark’s exit from bankruptcy.

(And don’t forget to check out what is happening in bankruptcy this week.)

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa