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NO. 1: Chiyoda Corp. has asked a federal bankruptcy court to restart construction on the Golden Pass LNG export project in Texas, which has come to a near standstill since lead contractor Zachry Holdings Inc. filed for bankruptcy last month.
Chiyoda, along with McDermott International Inc. affiliate CB&I LLC, want to exercise their rights to resume work under a joint venture they have with Zachry, which laid off 4,400 people at the site. Zachry cited cost overruns at the 18 million metric tons/year Golden Pass project in its bankruptcy filing.
As the lead contractor in charge of staffing construction activities, Zachry’s financial issues and ongoing bankruptcy proceedings have prevented the remaining contractors from resuming large-scale construction. Golden Pass has also asked the bankruptcy court to reject Zachry’s interest in the engineering, procurement and construction contract, noting that it threatens the construction progress.
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