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Noranda Aluminum Holding Corp., a producer of primary aluminum and rolled aluminum coils, filed for chapter 11 protection today and said that it will evaluate its various business operations, Reuters reported. The Franklin, Tenn.-based company said that challenging market conditions for the aluminum industry and recent disruptions in its primary business operations led to the decision. Noranda listed both assets and liabilities in the range of $1 billion to $10 billion. The company and its subsidiaries also entered into an agreement in principle with its existing asset-based loan lenders for up to $130 million in debtor-in-possession financing.

Osage Exploration and Development Inc. filed for chapter 11 protection on Thursday in the U.S. Bankruptcy Court in Oklahoma City with plans to sell its assets through a court-overseen auction process, Dow Jones Daily Bankruptcy Review reported today. The company blamed its woes on the "substantial drop" in oil and natural gas prices in recent months, according to court papers. "Based on the debtor's current capital structure, liquidity constraints, and inability to raise new capital, it has become necessary for the debtor to seek chapter 11," Kim Bradford, president of Osage, said in court papers. The cash-strapped company said that it was unable to afford to continue developing its oil and gas reserves or to pay its operational expenses and debt obligations. It suspended its operations in the field, and the last well that it drilled, completed and brought online was in January. Osage owes about $26 million to Apollo Global Management LLC, which in 2012 issued bonds to the company. Read more. (Subscription required.) 

Get a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt with ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy. 

Hancock Fabrics Inc. filed for its second bankruptcy yesterday and said that it might put the entire company of 250 retail sewing and crafting stores up for sale, Reuters reported. The company said that the chapter 11 filing would allow it to restructure its balance sheet, cut costs, close underperforming stores and access liquidity. Hancock said that it had assets of about $151.4 million and liabilities of $182.1 million, according to court documents. The company previously filed for chapter 11 bankruptcy in 2007 and emerged a year later. The case is Hancock Fabrics Inc., U.S. Bankruptcy Court, District of Delaware, No. 16-10296.

Horsehead Holding Corp. yesterday filed for Chapter 11 bankruptcy protection, a little more than a month after the Pittsburgh-based manufacturer missed a $1.9 million payment and saw its stock plummet more than 90 percent, the Pittsburgh Business Times reported today. Horsehead filed for chapter 11 in the U.S. Bankruptcy Court for the District of Delaware listing liabilities of $544.7 million and total assets of $1 billion. Its biggest unsecured claims are a $100 million unsecured convertible note and a $400 million unsecured convertible note, both administered by U.S. Bank National Association, according to a bankruptcy filing. It had about $1 million in cash and applied for permission for $90 million in debtor-in-possession financing.

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.) 

Get a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt with ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy. 

LyondellBasell Industries NV today reported a worse-than-expected 31 percent slide in revenue, as its product prices remain under pressure, the Wall Street Journal reported. The Dutch chemicals-and-polymer producer, which emerged from chapter 11 bankruptcy in 2010, provides compounds found in products ranging from electronics to construction materials and biofuels. Lyondell, with its U.S. headquarters in Houston, has benefited from lower natural gas prices that have led to lower key raw material costs, but it also has been hurt by diminished pricing power from cheaper oil. In recent quarters, however, lower product prices have pressured revenue. For the period ended Dec. 31 the price of ethylene fell 39 percent compared with the year prior.

Outer Harbor Terminal LLC filed for chapter 11 bankruptcy protection yesterday, two weeks after terminating its lease held in a joint venture with Ports America, Reuters reported. Last month, Ports America, one of the largest marine cargo operators in the country, said it was shifting its business from the Oakland port to other cities along the West Coast, including Los Angeles and Long Beach. Outer Harbor Terminal, which operates part of the Oakland port, listed both assets and liabilities of between $100 million and $500 million in its chapter 11 petition.