LNG Limited hires voluntary administrators

Cash-strapped LNG Limited has appointed voluntary administrators as the Australian company is going through difficult times.

The developer of two US LNG export projects and one in Canada said in a statement that it appointed PricewaterhouseCoopers Australia on April 30.

“The voluntary administrators are reviewing the company’s business and assets and will be in contact with creditors shortly,” it said.

LNG Limited also announced that all of the company’s directors had resigned including chief executive Gregory Vesey.

These developments follow the withdrawal of Singapore-based private company LNG-9 from a deal to buy LNG Limited.

LNG Limited also failed to secure bridge financing from First Wall Street Capital Corp. to keep the company afloat as it was running out of cash.

LNG Limited said then that its existing cash reserves were sufficient to meet all of the company’s commitments until May 2020, but it needed more cash to continue to operate beyond.

Most Popular

Shell’s LNG Canada achieves first LNG

LNG giant Shell has started production at the first liquefaction train at its LNG Canada export terminal in Kitimat, an LNG Canada spokesperson told LNG Prime on Sunday.

Atlantic LNG shipping rates jump to $49,750 per day

Atlantic spot LNG shipping rates rose to $49,750 per day this week, while European prices also jumped compared to the previous week.

DET’s second Wilhelmshaven FSRU to launch commercial ops in August

Germany's LNG import terminal operator DET plans to launch commercial operations at its second FSRU-based terminal in Wilhelmshaven in August.

More News Like This

Buckeye Partners buys developer of proposed Bear Head LNG project in Canada

Houston-based Buckeye Partners said it has entered into a definitive agreement to buy Bear Head Energy, the developer of...

LNG Limited to sell Magnolia project for $2.25 million

Cash-strapped LNG Limited is selling its proposed Magnolia liquefied natural gas export project to UK-based privately held company Global...

LNG Limited loses Singaporean deal

Singapore-based private company LNG-9 has withdrawn from a deal to buy the Australian export project developer LNG Limited. The duo...