CornerStone Propane files for Chapter 11 to implement restructuring

By Jeff Pines

Washington, June 4 - CornerStone Propane Partners LP filed for Chapter 11 with the U.S. Bankruptcy Court for the Southern District of New York Thursday as part of a restructuring agreement with its senior secured creditors, the company said.

According to a court document, the company estimates it has 16-49 creditors.

CornerStone is the country's sixth largest propane marketer. It delivers about 250 million gallons to 423,000 customers in 33 states.

The company listed its total assets as to be determined and total debts at $78.95 million.

CornerStone said it has enough cash along with its continuing operations to fund its operations adequately. It has also reached an agreement with its lenders to use cash collateral and will ask the court's permission to do so.

The company's Chapter 11 case number is 04-13855.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.