Peregrine Keeps Ch. 11 Afloat With $3M Payment

Law360, New York (April 29, 2011, 7:28 PM EDT) -- Offshore drilling company Peregrine I LLC won Delaware bankruptcy court approval Friday to make an emergency $3.1 million payment to the company that staffs its drilling vessel, preventing the ship from being abandoned in Brazil and keeping its bankruptcy afloat.

Peregrine filed for Chapter 11 protection Monday, citing mechanical problems with the drill ship that forced the vessel off-line, nixing the company’s sole source of revenue and rendering it incapable of servicing $189 million in prepetition debt, according to court documents.

“The debtor believes the value...
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