Court approves settlement agreement between Zachry Holdings and Golden Pass LNG
Zachry Holdings, Inc. (ZHI) announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved its settlement agreement with Golden Pass LNG Terminal LLC and joint venture partners CB&I LLC and Chiyoda International Corporation.
The comprehensive settlement agreement fully resolves all financial and legal disputes among the parties related to the Golden Pass export terminal project in Sabine Pass, Texas. The settlement allows Golden Pass to resume construction on an expedited basis while Zachry will exit the project in an efficient and cooperative manner. The settlement, which has been approved by the Court on an interim basis, creates a path for ZHI to complete its Court-supervised restructuring process on an expedited basis.
John B. Zachry, Chairman and CEO of ZHI said, “We’d like to thank our employees, customers, and suppliers for their incredible support. The settlement resolves all of the issues we set out to address regarding the Golden Pass LNG project when we initiated our restructuring process earlier this year. This important milestone paves the way for us to move forward as a stronger company, better positioned for long-term growth and success. Zachry has a 100-year record of serving customers and helping them build, maintain and turnaround their critical facilities, and this commitment has never wavered. As we turn our focus to completing and exiting from our Court-supervised process this fall, we continue to operate all other projects without interruption at the highest safety and quality standards.”
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