Settlement Paves Way for ZHI to Complete
Court-Supervised Restructuring Process
SAN
ANTONIO, July 24, 2024 /PRNewswire/ -- Zachry
Holdings, Inc. (the "Company" or "ZHI") today announced that the
U.S. Bankruptcy Court for the Southern District of Texas has approved its settlement agreement
with Golden Pass LNG Terminal LLC ("Golden Pass") and joint venture
partners CB&I LLC and Chiyoda International
Corporation.
The comprehensive settlement agreement fully resolves all
financial and legal disputes among the parties related to the
Golden Pass export terminal project in Sabine Pass, Texas. The settlement allows
Golden Pass to resume construction on an expedited basis while
Zachry will exit the project in an efficient and cooperative
manner. The settlement, which has been approved by the Court on an
interim basis, creates a path for ZHI to complete its
Court-supervised restructuring process on an expedited basis.
John B. Zachry, Chairman and CEO
of ZHI said, "We'd like to thank our employees, customers, and
suppliers for their incredible support. The settlement
resolves all of the issues we set out to address regarding the
Golden Pass LNG project when we initiated our restructuring process
earlier this year. This important milestone paves the way for us to
move forward as a stronger company, better positioned for
long-term growth and success. Zachry has a 100-year record of
serving customers and helping them build, maintain and turnaround
their critical facilities, and this commitment has never wavered.
As we turn our focus to completing and exiting from our
Court-supervised process this fall, we continue to operate all
other projects without interruption at the highest safety and
quality standards."
Additional Information
Additional information regarding the Company's Court-supervised
process is available at www.ZHIrestructuring.com.
Court filings and other information related to the proceedings
are available on a separate website administered by the Company's
claims and noticing agent Kurtzman Carson Consultants, LLC, dba
Verita Global ("Verita"), at www.veritaglobal.net/zhi, by calling
Verita toll-free at (866) 479-8211 (U.S./Canada) or (781) 575-2037 (International), or
by submitting an inquiry at www.veritaglobal.net/ZHI/inquiry.
White & Case LLP is serving as legal advisor to ZHI and M3
Advisory Partners, LP is serving as financial and restructuring
advisor.
About Zachry Group
Zachry Group is North America's
pacesetter in turnkey engineering, construction, maintenance,
turnaround and fabrication services to the energy, chemicals,
power, manufacturing and industrial sectors. We work with customers
to plan, build, and renew their most critical facilities, so they
can achieve their immediate and long-term goals, all at the highest
safety standards. Since 1924, we have been a purpose-driven
organization, united by a shared set of values and the desire to
deliver the very best outcome for our customers. Visit
zachrygroup.com for more information.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could impact the Company's
objectives and plans or cause the actual results of the Company to
differ significantly from the historical results or from any future
results expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such
differences include, but are not limited to, risks and
uncertainties relating to the Chapter 11 process, competition in
the industry, general domestic or international economic
conditions, and changes in laws or regulations. In addition to
statements which explicitly describe such risks and uncertainties,
readers are urged to consider statements labeled with the terms
"believes," "belief," "expects," "intends," "anticipates," "plans,"
or similar terms to be uncertain and forward-looking.
Media Contacts
media@zachrygroup.com
Michael Freitag / Aaron Palash / Carly
King
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
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SOURCE Zachry Holdings, Inc.