LAKE CHARLES, La. — The future of a proposed liquefied natural gas export terminal near Lake Charles is unclear after a deal for its parent company to be acquired was canceled, according to our media partners at the Advocate.
According to the report, LNG Ltd., which is an Australian company that proposed building Magnolia LNG, was slated to be taken private by Singapore-based LNG9 PTE Ltd. in a $75 million deal, but investors withdrew their bid after an initial bridge loan fell through.
LNG9 didn't secure the financing it expected to get for the deal, but is "still interested" in pursuing the acquisition, the paper states.
"By retracting their bid, LNG Ltd. is now able to negotiate with other interested parties on strategic alternatives, which is already ongoing," LNG Ltd. told the Advocate.
According to a release from the company, the Australian business has enough cash until May and is still pursuing the Magnolia LNG project, and it has received a payroll protection program loan from the U.S. Small Business Association in the amount of $388,552.
To read the full story from the Advocate, click here.