Douglas Channel LNG Sponsor Files for Financial Reorganization
Posted on Nov 4, 2013 in Financing, LNG Exports | Comments Off on Douglas Channel LNG Sponsor Files for Financial Reorganization
The Wall Street Journal [subscription required] reports that a sponsor of the proposed Douglas Channel LNG export terminal in British Columbia filed for a court sanctioned financial reorganization under Canada’s Companies’ Creditors Arrangement Act, which is analogous to a U.S. Chapter 11 bankruptcy filing. The article states that the project developer, BC LNG, a consortium between Houston-based private-equity firm LNG Partners, and the Haisla First Nation, is insolvent as the value of its liabilities exceed the value of its assets.