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PGO |
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This affirmation follows the payment by PGO of interest related to PGO's 6 5/8% senior notes due 2008 and its 7 1/8% senior notes due 2028. PGO also announced that it is deferring distribution payments on the preferred securities issued by its wholly owned trust subsidiary PGS Trust I. In connection with the one-time charges and impairment described above, PGO has commenced discussions with various creditors to obtain waivers of financial covenant defaults that might result from such charges and impairment. |
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