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Port of Astoria to Accept Transfer of Calpine's Lease of Potential LNG Site Under One Condition

During a hearing last night, the Port of Astoria Commission agreed to allow Calpine Corp. to transfer to LNG Development Co. its interest in a lease for property on the Skipanon Peninsula, Ore., on which Calpine planned to construct an LNG terminal. The
December 28, 2006

During a hearing last night, the Port of Astoria Commission agreed to allow Calpine Corp. to transfer to LNG Development Co. its interest in a lease for property on the Skipanon Peninsula, Ore., on which Calpine planned to construct an LNG terminal. The Port agreed to allow Calpine to transfer the lease to LNG Development Co. as part of Calpine’s bankruptcy proceedings so long as LNG Development Co.’s parent company, Leucadia, provides a guarantee for its subsidiary. The Daily Astorian reports that before voting to allow the transfer the Port had considered among its options a challenge to the sale based on concern that LNG Development Co.’s lack of experience in the natural gas industry could threaten public safety. A New York bankruptcy court will rule on the sale on Wednesday.

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