Zachry: Chapter 11 File for Bankruptcy Protection, Towards Restructuring in New Chapter!
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VOLKPOP.co – San Antonio construction giant Zachry Holdings Inc (ZHI) made headlines on May 21, 2024. The holding company and its 20 subsidiaries filed a petition for Chapter 11 bankruptcy protection voluntarily. This was an unexpected move for many, given Zachry's established reputation in the construction industry. The decision also signaled a new chapter for the company, which will now have to go through a restructuring process under the supervision of the court.
This article will take a closer look at Zachry Holdings' Chapter 11 filing. We will discuss the factors behind the decision, its impact on Zachry's projects, and the company's plans to recover from the financial downturn.
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Examining the Root of the Problem: Burdensome LNG Terminal Projects
News reports suggest that the Chapter 11 filing is closely related to the $10 billion Golden Pass LNG Terminal construction project in Sabine Pass, Texas. The project was initially envisioned to be one of the largest liquefied natural gas (LNG) export terminals in the United States. Zachry Holdings acted as the main contractor.
However, along the way, the project seems to have encountered various obstacles. There is no official information on the cause of Zachry's financial difficulties. However, some speculation suggests potential cost overruns, delays in the construction schedule, or unforeseen technical problems.
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