Hoegh LNG Partners LP
|Company Name||Hoegh LNG Partners LP|
Höegh is an international company that owns a fleet of ships that offers services to the liquefied natural gas ('LNG') industry world-wide. Specifically, Höegh, which claims to be one of the most experienced operators of LNG carriers, owns and operates floating LNG import terminals and floating storage and regasification units ('FSRU').
On July 27, 2021, after the market closed, the Company announced that it had cut its quarterly common unit distribution by 98% in order to conserve cash to address near-term refinancing issues. Specifically, Höegh disclosed the collapse of the Company's refinancing plans for its FSRU Lampung facility, after the charterer of the vessel challenged the Company's new credit facility and the charter agreement with Höegh and announced its intent to commence arbitration to terminate the charter and/or seek damages from the Company. Höegh also announced that its parent company, Höegh LNG Holdings, will no longer provide financial support to the Company.
On this news, Höegh's stock price fell $11.57 per share, or approximately 64%, to close at $6.30 per share on July 28, 2021, thereby injuring investors.
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