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Bloomberg: Niska Gas Storage puts itself up for sale

Apr. 22, 2015 3:33 PM ETNiska Gas Storage Partners LLC (NKA) StockBWP, CMLP, NKABy: Carl Surran, SA News Editor
  • Niska Gas Storage Partners (NKA +8.6%), whose value has collapsed from more than $1B to just $80M and who stopped distributions to shareholders in February to preserve cash, is exploring a sale, Bloomberg reports.
  • NKA, controlled by P-E funds Riverstone Holdings and Carlyle Group, is said to be working with Evercore Partners to find a buyer, as part of a broader restructuring effort as it struggles to revive its prospects amid the natural gas glut.
  • Boardwalk Pipeline Partners (NYSE:BWP) and Crestwood Midstream Partners (NYSE:CMLP) also provide gas storage services and have struggled, but they are considered less vulnerable than NKA because they are more diversified.

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