Magnolia LNG Sold

Magnolia LNG: GEM Deal Falls Through… Company Sold to “Magnolia Holdings LLC”

Maya Weber (May 26): The sale of Magnolia LNG to a privately held energy infrastructure firm failed to come through last week, but a new purchaser emerged for the struggling Louisiana export project. According to a statement Tues. (May 26) by LNG Ltd. administrator PWC, the sale announced mid-May for $2.25 million to Global Energy Megatrend was terminated because of GEM’s failure to close the transaction within the required time frame. Shortly thereafter, however, LNG Ltd “entered into a new transaction under which it has sold its interests to another party, Magnolia Holdings, LLC.” The $2 million transaction closed May 26. Link to Content

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