Singapore’s LNG9 will delay its takeover bid of Australia’s LNGL by about a month because of the Covid-19 pandemic. LNGL, which is developing two stalled North American LNG export projects, said on 27 March that it will not receive a $6mn loan it expected from first Wall Street Capital. LNGL said on 28 February that the loan would be necessary to continue operating through the third quarter. LNGL has enough funds to continue operating until late April and expects to get funding from LNG9, which has issued a $75mn takeover bid for LNGL, to allow it to continue to operate after that, “although that is not certain”, it says.
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