New Fortress Energy LLC will likely attempt a workaround to go public amid the U.S. government's partial shutdown, the Wall Street Journal reported on Jan. 22, citing people familiar with the matter.
The company, which builds natural gas-fired power plants, is likely to attempt an initial public offering without the Securities and Exchange Commission's explicit green light, in a move that will involve changing language in its IPO paperwork to make it automatically effective after 20 days, the Journal reported.
The company was preparing for its IPO when the government shut down in December over President Donald Trump's demand for $5.7 billion to build a wall along the U.S.-Mexico border, in what has become longest shuttering of federal agencies in U.S. history.
New Fortress is likely to file for an IPO again on Jan. 24, changing its language and picking a target price for shares, the report said. By doing so, it will be able to sell its stock to investors 20 days later, it added.
The company declined to comment when contacted by Reuters.
Carlyle-backed Lone Star Ports agreed to lease 200 acres along the port of Corpus Christi where it has proposed an oil export terminal and docks to load U.S. shale onto supertankers.
Midstream companies are working furiously to relieve takeaway and export constraints, but in the meantime, producers will feel the pain.
Cheniere Energy is seeking repayment of a $46 million loan in 2015 that former chairman and CEO Charif Souki helped arrange, according to a court filing dated Feb 15.