Ryckman Creek Resources enters plan support agreement with lenders

By Caroline Salls

Pittsburgh, March 28 – Ryckman Creek Resources, LLC and its Peregrine Midstream Partners LLC, Peregrine Rocky Mountains LLC and Ryckman Creek Resources Holding Co. LLC affiliates entered into a plan support agreement with some holders of their secured loans, according to a news release.

Ryckman said the agreement will allow it to restructure the companies’ balance sheets, eliminating more than $160 million from the balance sheet, providing significant working capital and converting a substantial amount of pre-bankruptcy debt to equity.

“This significant milestone in our reorganization provides a clear path for us to emerge from Chapter 11 as quickly as possible,” chief executive officer Rob Foss said in the release.

“We look forward to continuing to work with all of our stakeholders to emerge as a healthy and successful business.”

Ryckman Creek is a Houston-based gas storage services company. It operates as a subsidiary of Peregrine Midstream Partners, LLC. Ryckman filed for reorganization under Chapter 11 on Feb. 2 in the U.S. Bankruptcy Court for the District of Delaware. The case number is 16-10292.

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