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"...
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