April 27 (Reuters) - Karoon Gas Australia Ltd KAR.AX :
* Santos basin jv partner update KAR.AX
* Says initial order has been obtained by pacific from the superior court of justice
* Order authorises pacific to commence a courtsupervised restructuring process
* Order approves a US$500 million debtorinpossession financing facility and a US$134 million letter of credit facility
* Source text for Eikon