This code refers to Bank 2 extreme misfire. Says cat. converter damage. I'm replacing all coils on bank 2 Tuesday because I also have a code PO308 which points to a failed #8 coil. My question is... What are my chances of a permanently failed cat converter and if failed, what are my options to replace it?

 

A permanently failed cat would depend on how long you drove it in that condition. The code is telling you the misfire is severe enough you can be causing cat damage.
One cylinder misfire shouldn't be enough to cause damage. Are there any other codes than the P0308?
I would replace the coil for 8 and the spark plug then reset and do the drive cycles to see what else is going on. I would also try to get fuel trims and see if you have a vacuum leak somewhere that isn't setting a code yet.
Check it and get back to us.

 

Just don't keep driving it and hope it's not too late before you fix it.

 

I replaced 4 coils on bank 2 this morning. The misfire is gone and last night the check engine light turned off after 3 drive cycles. Am I to assume the converter is OK? Today I'm getting any codes read that might remain and possibly erasing them if I can determine if history or current. The prior owner drove the car for weeks and said if driven with a light throttle, he had no miss. At purchase last week I had codes PO308, P1314, P1316 and PO358.

 

I wouldn't erase the codes especially if you are close to needing an inspection.
Erasing the codes will clear the monitors which may take some time to reset.

 

Does it show P1111, indicating emission system testing complete, or P1000, not complete?

 

Well, I erased the codes. I did have a code P1111 when the check eng. light was on. Now I have a code P1000. What's the procedure to get back to P1111?

 

I was always able to get there by just driving the car for a few days. Others have not been able to do so without following the drive cycle in JTIS21. I expect someone will provide a link to the procedure shortly.

 

Should reset after a few drive cycles.