Natural gas company Peregrine Midstream Partners LLC filed for chapter 11 protection yesterday, having run out of money with its natural gas facility only a few months from completion, the Wall Street Journal reported today. Peregrine entered bankruptcy saying that it was two-to-three months away from finishing construction on its Ryckman Creek natural gas storage facility, a project that the company has been working on since 2011. But the company ran out of money near to the finish line and has filed for bankruptcy to secure additional financing, according to documents filed with the U.S. Bankruptcy Court in Wilmington, Del. ING Capital LLC, one of the project’s pre-bankruptcy lenders, has agreed to provide $3 million in bridge bankruptcy financing that will hold the company over for 30 to 45 days, according to court documents. The company, ING and its other lenders are also in negotiations on an additional $30 million in funding. Read more. (Subscription required.)
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