Ryckman Creek wins exclusivity extension amid customer negotiations

By Caroline Salls

Pittsburgh, Nov. 14 – Ryckman Creek Resources, LLC received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Ryckman gained approval to extend its exclusive plan-filing period through Jan. 28 from Oct. 29 and the solicitation period through March 27 from Dec. 28.

As previously reported, the disclosure statement for the company’s second amended joint plan of reorganization was approved on Aug. 5.

According to the motion, Ryckman believes the plan, or an amended version, should be and will be confirmed.

However, the company said it is in continuing commercial negotiations with key customers, while simultaneously moving forward with a pending Andarko Energy adversary proceeding in the event a commercial resolution cannot be reached.

“The debtors seek this extension of the exclusivity periods to give the debtors additional time to resolve these issues, while retaining the exclusive right to propose a new plan of reorganization, if ultimately necessary, solicit votes on a plan of reorganization, retain control over their reorganization and remain at the center of negotiations with their key constituencies,” the motion said.

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, 2016. The case number is 16-10292.

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