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.
Gas firm facing £22m debt