#United States #Bankruptcy #San Antonio #LNG Project #Zachry Holdings

Zachry Holdings Achieves Key Milestone in Court-Supervised Restructuring

Zachry Holdings, Inc. has recently announced a significant step forward in its journey toward recovery. On February 26, 2025, the U.S. Bankruptcy Court for the Southern District of Texas granted approval for Zachry’s Plan of Reorganization. This approval marks a pivotal moment for the company, as it sets the stage for successfully concluding its court-supervised restructuring in the approaching weeks.

Background of the Restructuring

The necessity for restructuring arose as Zachry Holdings faced challenges primarily linked to the Golden Pass LNG export terminal project. The decision to initiate the restructuring process was taken with the intention of addressing these operational hurdles effectively. Under the newly approved plan, the assurances have been made that all vendors and suppliers will be compensated in full, providing a sense of relief and stability to the company's operational framework.

John B. Zachry, the Chairman and CEO of Zachry Holdings, expressed optimism regarding the company's future following the court's endorsement. He remarked, "We initiated this process to resolve issues related to the Golden Pass LNG export terminal project. With the Court's approval of our Plan, we are ready to close this chapter and move forward." This sentiment encapsulates the company’s resilience and commitment to its foundational values that have driven its success for over a century.

Looking Ahead

As Zachry navigates through this restructuring phase, the leadership remains focused on emerging stronger. The approval and subsequent execution of this plan are expected to usher in a new era of growth opportunities. Mr. Zachry concluded by stating, "We are excited about the growth opportunities we see ahead and look forward to a bright future." This forward-looking perspective is crucial as the company aims to not only recover but thrive amid the evolving energy landscape.

Company Overview

Founded in 1924, Zachry Holdings, Inc. is recognized as a leader in North America's engineering, construction, maintenance, turnaround, and fabrication services sectors, particularly for energy, chemicals, and manufacturing. The company prides itself on working closely with customers to develop, build, and renew critical facilities while ensuring the highest safety standards. As they move beyond this restructuring phase, Zachry is poised to continue delivering exceptional services underpinned by a solid foundation of core business values.

For stakeholders and interested parties, additional details on the court-supervised process can be accessed through the dedicated restructuring website or through various communication channels set by the company. Legal and financial advisors, including White & Case LLP and Lazard Fréres & Co. LLC, are guiding Zachry in this transformative journey.

In conclusion, Zachry Holdings, Inc. stands at a crossroads. With court approval secured, the company is ready to tackle the challenges ahead, ensuring it remains a key player in the energy and construction sectors in the years to come.