Work to complete the stalled $11.6 billion Golden Pass liquefied natural gas export terminal in Port Arthur, Texas, can move ahead after the lead contractor, San Antonio-based Zachry Holdings, came to an agreement with the project owners that allows it to exit the project. Zachry Holdings filed for Chapter 11 bankruptcy protection in May, saying the megaproject was at least $2.4 billion over the original budget, causing it to hemorrhage money. The ruling fully resolves all financial and legal disputes among the concerned parties.
Source: www.constructiondive.com