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.

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