Cheniere Can't Foreclose Over $46M Loan In LNG Partnership

Law360 (August 13, 2019, 5:56 PM EDT) -- Cheniere Energy Inc. cannot initiate foreclosure proceedings against a business partner's subsidiary that failed to repay a $46 million loan, the full Fourteenth Court of Appeals in Houston ruled Tuesday, siding with a trial court's decision barring the move.

The divided en banc ruling is an about-face for the appellate court. A three-judge panel in December had held the trial court was wrong in issuing an injunction blocking the foreclosure because Parallax Enterprises LLC hadn't shown it stood to suffer "irreparable injury" without the court's intervention.

The dispute stems from what Parallax calls a "joint venture and agreement" between it and...

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