Firm building QatarEnergy-Exxon LNG plant in Texas files for bankruptcy
Zachry Holdings, which held the lion's share of the $10 billion construction project called Golden Pass LNG, said it was pursuing a"structured exit." Exxon said it would review construction timing and provide an update in the future.
Exxon, which owns a 30% stake in the project, earlier this year said it expected first LNG production in the first half of 2025. “In March of this year, Golden Pass began direct-paying vendors, and clawed back much of those funds from advance progress payments due to Zachry,” the filing said. Zachry that same day received a notice of default from another Golden Pass contractor, Chiyoda International, the company said. Unable to reach an agreement with Golden Pass, Zachry said it had no choice but to file for Chapter 11 protection.
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