York Capital’s recent acquisition of SGC Energia Co. and the assets of Juniper GTL represent the final steps of a lengthy financial process. York Capital, a global investment firm founded in 1991, announced its new controlling interests in the company July 12.

Juniper GTL is SGC Energia’s commercial-scale facility under construction in Westlake, and the facility is expected to be fully operational by late 2017.

Vianney Vales, CEO of SGCE, said in a statement that York Capital’s financial backing plays a role in SCGE’s ability to now have “a clear and foreseeable path to the near-term development of a significant US-based GTL business.”

York Capital was able to obtain the company’s assets because Juniper GTL formally filed for Chapter 11 bankruptcy in April.

In doing so, the company was granted an order for relief by the U.S. Bankruptcy Court in Houston, where the company is based. The case’s filing automatically initiated a stay against most collection activities, meaning creditors generally couldn’t take action to collect debts from Juniper GTL for the time being.

On July 14, Juniper GTL filed a liquidation plan, as well as the deadlines it would be following when filing administrative expense claims, professional fee claims and rejection claims. The bankruptcy court also gave an order that same day approving the sale of Juniper GTL’s assets.

Juniper GTL’s $100 million effort to renovate a dormant steam methane reformer in Westlake and convert it to a natural-gas-to-liquids facility will create 29 direct jobs average $85,000 per year, according to company officials.

 

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