HOUSTON, March 28, 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") announced today that yesterday it received final bankruptcy court approval on a $35,000,000 Debtor-in-Possession loan to provide substantial liquidity and working capital to the business while it continues to reorganize under Chapter 11 of the U.S. Bankruptcy Code.
The Companies also announced today that they have entered into a Plan Support Agreement with certain holders of its secured loans 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 the Companies' pre-petition debt to equity.
Rob Foss, Companies' Chief Executive Officer, said "Our pre-petition lenders have expressed ongoing commitment to the successful operation of the Ryckman Creek Facility by committing to the $35,000,000 credit facility and entering into the Plan Support Agreement with each other and the Company. This significant milestone in our reorganization provides a clear path for us to emerge from Chapter 11 as quickly as possible. We look forward to continuing to work with all of our stakeholders to emerge as a healthy and successful business."
Additional information, including court filings and other documents, regarding the restructuring, can be found by visiting www.kccllc.net/ryckman.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ryckman-creek-resources-receives-court-approval-for-35000000-debtor-in-possession-loan-and-announces-entry-into-plan-support-agreement-300241542.html
SOURCE Ryckman Creek Resources LLC