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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.