Ryckman Creek agreement party objects to lack of disclosure details

By Caroline Salls

Pittsburgh, Aug. 17 – Ryckman Creek Resources, LLC storage agreement party Questar Gas Co. objected to the proposed approval of the disclosure statement for the company’s fourth amended plan of reorganization, arguing that the disclosure statement does not give enough information to allow key parties to evaluate the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

“Whether the debtors can operate the facility that is the primary asset of these estates and assume and perform on their current and future contracts is the central issue of these cases, and the touchstone of plan feasibility,” Questar said in its objection.

“But the debtors’ disclosure statement and proposed confirmation process allows the debtors to sidestep these issues and fail to provide key parties with sufficient information to evaluate the debtors’ prospects.”

Questar said Ryckman’s ability to assume and perform under its significant customer contracts is an issue that should be, but is not, adequately described in the disclosure statement.

The disclosure statement hearing is scheduled for Aug. 24.

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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