Wednesday, May 05, 2010

Northern Star Natural Gas Files For Bankruptcy!

Bradwood LNG Developer Files For Bankruptcy

May 5, 2010

Dennis Newman - Natural Oregon

NorthernStar Natural Gas, the developer of the Bradwood Landing LNG project, has filed for bankruptcy.

In papers filed yesterday in Houston, the company says it’s unable to pay its debts and will liquidate under Chapter 7.

Company spokesman Charles Deister wouldn’t comment when asked about the filing. He referred me to yesterday’s announcement that the company is suspending work on Bradwood Landing.............

....."Cameron Horowitz, an analyst at SunTrust Robinson Humphrey, said increased domestic supplies of natural gas have slashed prices, killing the demand for LNG imports. Two other companies trying to develop LNG facilities in Oregon would face "slim" prospects of success, he said.

"Every year for the past five years, there's been talk that this country would be flooded with LNG imports, but it has never come to fruition," he said from Houston. "Given the outlook for U.S. natural gas prices and the rest of the world, I don't see it coming to fruition at all over the next five years."

Horowitz said LNG facilities on the Gulf of Mexico have been trying to win permission to ship LNG stockpiles back overseas.

NorthernStar's bankruptcy filing listed assets of $165,930 and liabilities of about $129.5 million"...

Read CBS News - AP Report
Read The Natural Oregon Details


Anonymous said...

Clatsop County is owed more than $180,000 to the now bankrupt company, but it's not all bad news, folks. Bradwood Landing still has lots of ballcaps, T-shirts and tote bags left.

Anonymous said...

How big will the State Of Oregon's settlement with Northstar be after Kroger gets reamed for running a crooked DOJ?

Anonymous said...

Dream on, pal. NorthernStar racked up 26 million in liability all on their own. But stop by the Bradwood office while they're packing up and pick up a ball cap and a T-shirt.

Patrick McGee said...

"Anonymous said...
How big will the State Of Oregon's settlement with Northstar be after Kroger gets reamed for running a crooked DOJ?"


Good question but, before you start "High-Fiving" and celebrating down at North Coast Oregon, you might want to see how NSNG/Bradwood Landing's paying out $76,000 to Energy Action Northwest, a coalition of union shops and unions to ensure construction phase contracts and union jobs with NSNG/BWL,which filed, abetted by NCO, a complaint to IRS against Columbia RiverKeeper, an arch adversary of NSNG/Bradwood Landing, for allegedly mis-using their non-profit status during the recall elections of 4 Clatsop County Commissioners sitting in review, deliberation and approval of the Bradwood project. Two of those Commissioners were officially recalled with one of the other two, Jeff Hazen, running for re-election.

And then, there's a $186,000.00 bill owed by NSNG to Clatsop County that, now, will likely never be paid?

It will definitely be interesting to see what happens in the courts on this and the interesting stream of witnesses that will be subpeonied and cross examined with possible implications, you think?

lee said...

The guy that owned the property will get it back to have in his family for another hundred years, right?