Monday, 6 January 2014

Gas firm facing £22m debt

A controversial gas storage company has racked up £22m debts after failing to secure planning permission for its ambitious project.

Halite Energy is currently awaiting the decision of a Judicial Review after its plans to store gas in 19 caverns in the salt strata beneath Preesall were rejected in April.

But auditors at Pricewaterhouse Coopers (PwC) warned of a “material uncertainty” as the company, previously known as Canatxx, awaits the High Court’s decision.

Halite’s accounts show the company filed pre-tax losses of £22m in the year to December 2012, and net liabilities topped £100m – mostly loans from its majority owner, the US-based private equity firm DE Shaw.

via Gas firm facing £22m debt – Fleetwood Weekly News.

Gas firm facing £22m debt

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