Ruby Approved to Sell Pipeline to Tallgrass, Exit Bankruptcy

Ruby Pipeline won court approval of a bankruptcy-exit plan, centered on using the proceeds from its $282.5 million natural gas pipeline sale to pay back creditors.

The plan, approved Friday by the US Bankruptcy Court of District of Delaware, calls for paying secured and general unsecured creditors with the sale proceeds and Ruby’s $135 million settlement with its co-owners.

All non-insider creditors will be paid in full, the plan said.

Ruby Pipeline LLC, co-owned by Kinder Morgan Inc. and Pembina Pipeline Corp., filed for Chapter 11 in March 2022 to address its high debt load. The debtor’s estate would ...