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Lake Charles Methanol says liabilities remain with project as it pursues DOE funding and parallel bank financing
Summary
Company representative Linda Miller told the port board the new project company assumed prior liabilities, is pursuing DOE Part 2 funding while also preparing commercial bank financing, and listed port obligations totaling $2.3 million plus an earlier $2.1 million carryover the board said must be clarified.
Linda Miller, representing Lake Charles Methanol, gave the Lake Charles Harbor and Terminal District an update on Oct. 30 about the company27s move to a new project company, financing progress and outstanding obligations to the port.
Miller said the new project company was formed at investors27 request and that the existing lease and its liabilities have been assigned to the new entity. "I can declare unequivocally that all of the liabilities move forward," Miller said, responding to board members who said prior presentations had given the impression that past-due obligations had been eliminated.
Miller described the project as a hydrogen-to-methanol facility with strong environmental characteristics, low carbon dioxide emissions and a largely captured…
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