Kinder-Backed Ruby Pipeline Preps for Debt Talks as Cash Shrinks

Ruby Pipeline LLC, co-owned by Kinder Morgan Inc. and Pembina Pipeline Corp., is gearing up for talks with its bondholders over ways to tackle its high-debt load and improve its access to cash, according to people familiar with the matter.

Advisers hired by bondholders have signed confidentiality agreements to begin reviewing a business plan that would provide the foundation for negotiations on ways to improve liquidity and address its $475 million of bonds maturing in 2022, said the people, who asked not to be identified discussing confidential matters. Investment bank Rothschild & Co. and legal counsel Davis Polk & ...