Southcross Energy: Parent company may file for US bankruptcy
March 17 (Reuters) -- Natural gas pipeline company Southcross Energy Partners said its parent, Southcross Holdings, 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 this week.
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.
(Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta)
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