Houston-based gas storage company Ryckman Creek Resources and its parent, Peregrine Midstream Partners filed for Chapter 11 reorganization earlier this week, following experts’ projection of an uptick in bankruptcy filings by energy companies this year as oil prices remain low.
Other outlets report that Ryckman has $300 million in debt to restructure.
The companies filed their bankruptcy in Delaware.
Peregrine General Counsel Jim Ruth hired a team from Skadden, Arps, Slate, Meagher & Flom’s Chicago and Wilmington offices to represent Ryckman as well as two other affiliates involved. It is unknown at this time which law firm is representing the parent company.