June 20 Natural gas-focused Venoco Inc
said Chief Executive Timothy Marquez has received a "highly
confident" letter regarding a portion of the financing necessary
to take the company private.
The board last week extended to July 20 the deadline for
Marquez to secure funding for the deal.
Venoco in January agreed to be acquired by Marquez for
$12.50 per share in a deal valued at $1.5 billion, including
Marquez, along with affiliated trusts and foundations, owned
about 50.3 percent of Venoco stock as of Jan. 16.
Marquez first proposed taking the company private in August
last year, as the debt-heavy company struggled to raise funds to
meet higher capital expenditures.
Venoco responded by setting up a special committee to review
its options, which failed to find better offers for the natural
Venoco shares closed at $11 on Tuesday on the New York Stock