LNG developer Tellurian and institution investor agree new loan repayment terms
22/02/2024 15:41
HOUSTON, Feb 22 (Reuters) -
Tellurian, the developer of the Driftwood liquefied natural
gas (LNG) project, has reached an agreement with an unnamed
institutional investor to pledge its interest in the Driftwood
project as collateral for the money it owes the investor,
according to the company's latest SEC filing.
Tellurian had warned investors last fall that continued
operating losses and dwindling cash reserves might not last a
year given operating and debt costs. The going-concern warning
preceded its ouster of Chairman Charif Souki.
The investor and Tellurian have agreed that the LNG
developer can reduce its minimum liquidity requirement from
$40.0 million to $25.0 million from February to April 2024.
(Reporting by Curtis Williams in Houston)
((Curtis.Williams@thomsonreuters.com; +1 346 324 7560;))