Parties interested in recapitalizing or acquiring assets from Australia’s Liquefied Natural Gas Limited must do so by July 24, Kallanish Energy reports.

The company’s administrators got approval from the Supreme Court of Victoria to proceed with the Stage 2 Process to either recapitalize the company or sell its assets.

The court ruling was filed on Wednesday.

The request was filed by the three administrators overseeing the company: Craig Crosbie, Daniel Walley, and Simon Theobald of PwC Australia, who made the announcement last week.

Last May, the troubled company sold its Magnolia LNG project in Louisiana to a privately held New York energy firm for $2 million.

The Glenfarne Group said it purchased the project intends to develop the liquefaction/export terminal near Lake Charles, Louisiana. The LNG project is construction-ready and has won federal approvals. It would produce more than 8 million tons of LNG per year.

Two other deals LNGL had in place fell apart earlier this year.

Its major remaining asset is the planned Bear Head LNG project in Nova Scotia in eastern Canada.

This post appeared first on Kallanish Energy News.