Ryckman Creek Resources Commences Chapter 11 Restructuring Process with Court Approval for Bridge Financing

"First Day Hearing" Establishes Pathway to a Successful Restructuring Process

04 Feb, 2016, 12:58 ET from Ryckman Creek Resources LLC

HOUSTON, Feb. 4, 2016 /PRNewswire/ -- Peregrine Midstream Partners LLC, and its affiliates Peregrine Rocky Mountains LLC, Ryckman Creek Resources Holding Company LLC, and Ryckman Creek Resources LLC (the "Companies") filed for voluntary bankruptcy under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the District of Delaware (the "Court") on February 2, 2016.  The Companies announced today that on February 3, 2016 they completed a successful "First Day Hearing" before the Court, allowing them to access interim debtor-in-possession financing.

The Court provided interim approval for the Companies' debtor-in-possession bridge facility, providing the Companies with adequate liquidity to continue operations during the chapter 11 process, and continue ongoing discussions with their lenders to restructure the Companies' capital structure. 

The Companies' operations at the Ryckman Creek Natural Gas Storage Facility in Uinta County, Wyoming continue, and the facility will continue to operate during the chapter 11 process.

Rob Foss, Chief Executive Officer, said, "Filing for chapter 11 was a difficult decision for the company and our stakeholders; however, given the significant liquidity challenges facing the company we had no alternative available.  Today's hearing and approval of our debtor-in-possession financing, on an interim basis, will provide us the ability to finalize discussions with our lenders on a restructuring plan that maximizes value for all constituents. We appreciate the continuing support of our vendors, customers, and employees as we work through the restructuring process. Throughout this process we will continue to serve our current and future customers through our strategically located storage facility in Wyoming."

The Company has established a toll-free number, 877-634-7178, for customers, employees, vendors and other interested parties who have questions regarding the restructuring.  Court filings and other documents related to the restructuring are available on a dedicated website: www.kccllc.net/ryckman.

SOURCE Ryckman Creek Resources LLC