Ruby Pipeline LLC, backed by Kinder Morgan Inc., filed for chapter 11 protection yesterday to restructure its debt, the Wall Street Journal reported. The Houston-based natural-gas pipeline company filed for bankruptcy voluntarily in the U.S. Bankruptcy Court in Wilmington, Del. Ruby, directly owned by Ruby Investment Company LLC, listed assets and liabilities of as much as $1 billion each, according to the court filing. U.S. pipelines have been challenged by cheap Canadian gas recently. Ruby had about $90 million in cash at the end of last year and wasn’t expected to repay roughly $475 million of the senior notes due on April 1, 2022, according to Fitch Ratings. Ruby Pipeline listed at least 200 creditors. Its 6% senior bonds are due in April 2022, court papers showed. PJT Partners Inc. and Richards, Layton & Finger PA are advisers to the company. Read more.
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