Kinder Morgan backed Ruby Pipeline files for bankruptcy

Kinder Morgan (KMI) has a current dividend yield of 5.71% and is rated as “Safe” by SimplySafeDividends. I hold KMI in my High Yield Portfolio. In total KMI is 1.9% of my portfolio.

The Houston-based natural-gas pipeline company filed for bankruptcy voluntarily in the U.S. Bankruptcy Court in Wilmington, Del. Ruby, directly owned by Ruby Investment Company LLC, listed assets and liabilities of as much as $1 billion each, according to the court filing.

U.S. pipelines have been challenged by cheap Canadian gas recently. Ruby had about $90 million in cash at the end of last year and wasn’t expected to repay roughly $475 million of the senior notes due on April 1, 2022, according to Fitch Ratings.

Kinder Morgan’s Ruby Pipeline Files for Bankruptcy – WSJ