COLUMBIA PIPELINE POISED TO FILE BANKRUPTCY

Despite efforts to negotiate with banks and producers, Columbia Gas System Inc. (CGS) and its main pipeline subsidiary, Columbia Gas Transmission Corp. (CGT), plan to file separate petitions seeking protection from creditors under Chapter 11 of the Federal Bankruptcy Code. At the heart of Columbia's woes are long term, above market price, gas purchase contracts and currently low spot market prices. Those elements combined to squeeze cash flow to an inoperable level.

In order to access this content, you must be logged-in and have an active subscription to the OGJ Premium Archive

Subscribe

More in Home