Natural Gas Pioneer Puts Investment Vehicle Into Bankruptcy to ... - The Wall Street Journal
Natural Gas Pioneer Puts Investment Vehicle Into Bankruptcy to Protect Ranch, Other Assets
Charif Souki put Strudel into chapter 11 to have an ‘orderly’ sale of its assets, including an 813-acre luxury ranch in Colorado
An investment vehicle owned by U.S. natural-gas entrepreneur Charif Souki has filed for bankruptcy and is suing its lenders to prevent foreclosure of its assets, including shares of a family-owned business and a luxury ranch.
Strudel Holdings said it sought protection from creditors Thursday so it can sell those assets “in an orderly manner at fair market value rather than having them disposed of in the commercially unreasonable manner.”
Strudel,...
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”