Southcross Energy Partners LP (NYSE: SXE) said its parent, Southcross Holdings LP, has reached a restructuring deal "in principle" with its owners, lenders and others, that would be implemented under Chapter 11.
The restructuring is contingent upon, among other things, final documentation and necessary approvals, Southcross Energy said in a regulatory filing on March 16.
Pipeline companies are being weighed down by worries that revenue might dry up as oil and gas producers cut investment and weaker suppliers become insolvent.
About 40 oil and gas producers across the globe have filed for bankruptcy since oil prices began to decline in late 2014, and up to a third of all energy companies may fail unless prices recover, consulting firm Deloitte said last month.
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