Credit: Lane V. Erickson/Adobe Stock $100M Victory in Houston as UBS Dodges Counterclaim
"The law does not require punishing lenders who work in good faith with borrowers who wanted to work with lenders," U.S. Bankruptcy Judge Christopher Lopez said.
April 02, 2024 at 03:06 PM
4 minute read
Bankruptcy
What You Need to Know
- A Houston bankruptcy judge ruled that the secured creditors in an LNG construction project are owed $100 million.
- The ruling from the U.S. Southern District of Texas also wiped out more than $100 million in counterclaims by the plaintiffs.
- The bankruptcy came on the heels of a lawsuit filed in New York state court by Cherif Souki to stop the sale of his collateral.
A Houston bankruptcy judge found secured creditors are entitled to $100 million damages and wiped out more than $100 million in counterclaims brought by liquid natural gas developer Charif Souki.
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