Liquefied Natural Gas Limited (ASX: LNG) announces that its Administrators, Craig Crosbie, Daniel Walley and Simon Theobald of PricewaterhouseCoopersAustralia, have obtained orders from the Supreme Court of Victoria (Court) confirming that the Administrators are justified and acting reasonably in proceeding witha process seeking expressions of interest in relation to either a recapitalisation of the Company and / or its remaining subsidiaries, or one or more transactions in respect of the Group's remaining assets.
As set out in the ASX Announcement dated 30 June 2020, the Administrators applied to the Supreme Court of Victoria for judicial advice (Application) seeking confirmation that it is appropriate for them to commence the Stage 2 Process and to progress, enter into and complete a Recapitalisation or Asset Transaction should they receive proposals that they consider to be for the benefit of creditors and (where there is a surplus) shareholders.
The Court granted all of the orders sought in the Application on 8 July 2020. A copy of the orders may be obtained using the link below. https://insolvency.pwc.com.au/singleEntityCases/liquefied-natural-gas-limited-administratorsappointed/casePage
Accordingly, the Administrators will commence the Stage 2 Process immediately and are targeting indicative offers by Friday, 24 July 2020. Parties interested in participating in the Stage 2 Process should contact Harrison Stanton at firstname.lastname@example.org further details. For any media enquiries, please contact Fergus Ross of Six Degrees at Fergus.email@example.com.
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