Peregrine Converts Bankruptcy To Ch. 7

Law360, Wilmington (May 9, 2011, 6:03 PM EDT) -- After failing to secure post-petition financing or use of enough cash collateral to repair its offshore drilling ship, Peregrine I LLC won Delaware bankruptcy court approval Monday to convert its Chapter 11 case to a Chapter 7 liquidation.

Peregrine filed for Chapter 11 protection April 25, citing mechanical problems that forced the vessel offline, nixing the company’s sole source of revenue and rendering it incapable of servicing $189 million in prepetition debt. The lenders, represented by German Bank WestLB AG as agent, refused to allow the...
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