Ruby Pipeline submits amended plan and disclosure statement

Chicago, Dec. 19 – Ruby Pipeline LLC modified its Chapter 11 plan and related disclosure statement to reflect the designation of a stalking horse bidder and a settlement agreement with sponsors Kinder Morgan and Pembina, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the plan, priority non-tax claims, secured claims and general unsecured claims are still unimpaired.

The $10 million Klamath claim, which was going to be impaired, will now be satisfied in full as it will be reinstated against the reorganized debtor.

Notes claims were going to be impaired, but will be paid in full.

Subordinated notes claims would have been impaired, but are now considered unimpaired with full recovery.

Existing equity interests will be extinguished.

As of the petition date, the company had $475 million in unsecured notes claims and $234.4 million in subordinated notes claims.

Ruby Pipeline, based in Houston, is a subsidiary of El Paso Corp. and Global Infrastructure Partners LLC. It is a 680-mile natural gas pipeline that stretches from Wyoming to Oregon. The company filed Chapter 11 bankruptcy on March 31, 2022 under case number 22-10278.

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