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HOUSTON, Dec 28 (Reuters) – Struggling liquefied pure
fuel (LNG) developer Tellurian on Thursday stated it has
employed a monetary advisor to help in stability sheet administration.
Chairman Martin Houston in a letter to shareholders stated the
advisor will “help with shaping business constructions as nicely
as stability sheet administration.”
Earlier within the day the corporate stated it swapped $37.9 million
in notes from a 2025 bond for shares and an settlement that
eradicated a Jan. 1 debt fee.
“I hope that these early steps will go some solution to serving to
bolster confidence within the management of your organization”, Houston
wrote. The advisor “will present helpful help and
steerage within the coming weeks”, he added.
On Wednesday, a submitting confirmed that one other investor,
Chatterjee Fund Administration, had elevated its stake in Tellurian
to 7.3%, from 5.2% beforehand.
Tellurian ousted its chairman and co-founder Charif
Souki, earlier this month weeks after auditors raised doubts
concerning the firm’s potential to cowl future bills.
Souki helped create the U.S. LNG export market in 1996
after seizing on discoveries of huge quantities of shale fuel. He
turned Cheniere Power from an LNG importer into a significant
exporter, however has been unable to repeat the identical success at
Tellurian.
(Reporting by Curtis Williams in Houston; Enhancing by Gary
McWilliams and David Gregorio)
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