Propane Supplier Ferrellgas Opens Ch. 11 With $412M Debt

Law360 (January 11, 2021, 10:25 AM EST) -- Nationwide propane distributor holding company Ferrellgas Partners LP sought Chapter 11 protection in Delaware early Monday, reporting $412 million in unsecured debt and plans for a debt-to-equity restructuring and governance changes.

Ferrellgas Partners — a master limited partnership holding company affiliate of a 100-year-old, employee-owned, Kansas-based transportation and distribution business — said the bankruptcy actions were part of a wider reorganization of debtor and nondebtor enterprises that would refinance some $1.5 billion in debt and raise $1 billion in new capital.

The holding company and affiliate debtor Ferrellgas Partners Finance Corp. reported about $412 million in unsecured debt, including $392 million...

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