On February 2, 2016, Ryckman Creek Resources, LLC and certain of its affiliates, including Peregrine Midstream Partners, LLC (collectively, “Ryckman” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court
for the District of Delaware in Wilmington. According to the declaration of Ryckman’s Vice President of Restructuring, Robert D. Albergotti (the “Albergotti Declaration”), Ryckman and its Prepetition Lenders are amidst negotiations to propose a plan of reorganization that results in a deleveraged balance sheet and sufficient liquidity to operate the business as a reorganized company. See
Albergotti Declaration at 38.
Ryckman’s business is comprised of storage of customer natural gas, proprietary trading of inventory gas, and production of liquid hydrocarbons residing in the Ryckman Creek Facility. The Ryckman Creek Facility is a partially-depleted oil and gas reservoir near the Opal Hub in Uinta County, Wyoming, which the Debtors began developing into a natural gas storage facility in 2011. See
Albergotti Declaration at 8-12.