Peregrine I LLC, the operator of an offshore-drilling vessel that is backed by units of General Electric GE +0.73% and Norwegian investment bank Pareto Securities, sought Chapter 11 bankruptcy protection.
Peregrine I reported assets and debts each in the range of $100 million to $500 million in its Chapter 11 petition, which court papers show the Cayman Islands company filed Monday with the U.S. Bankruptcy Court in Wilmington, Del.
Peregrine I's attorney didn't return a call seeking comment Tuesday.
The company listed EFS-M Inc., a unit of GE Energy Financial Services, and Pareto World Wide Offshore AS among its equity holders. Its two other equity holders are MMEER Cayman Management Ltd. and Investorprosjekt XXXIII AS, another Paredo unit.
Pareto World Wide Offshore invests in offshore oil-drilling projects. Christa Bowers, a spokeswoman for GE Energy Financial Services of Stamford, Conn., which targets capital-intensive energy assets, said Tuesday that Peregrine's bankruptcy filing was prompted by its inability "to continue to meet all the obligations necessary for the continued operation of the ship."
When asked what GE Energy Financial Services's role would be in the bankruptcy, Bowers said the company is now "considering all available options."
GE Energy Financial Services in December 2007 announced it would invest $54 million and co-finance Mike Mullen Energy Equipment Resource Inc.'s acquisition of Peregrine I, a deepwater oil-drilling vessel based in the Atlantic Ocean, off Brazil's coast. According to a press release, another GE affiliate arranged a $259 million senior debt facility in connection with that deal. Bowers declined to comment on the amount owed under the loan.
GE Energy Financial Services said WestLB AG served as agent for that loan, and the German bank is among the bank lenders listed in Peregrine I's bankruptcy petition. Other international banks are also listed as participants in that loan, including Banco Bilbao Vizcaya Argentaria (BBA), HSH Nordbank AG, Santander Asset Finance PLC and Sumitomo Mitsui Banking Corp.
Peregrine I's Chapter 11 case, numbered 11-11230, has been assigned to Judge Mary F. Walrath.
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