01:51 PM EDT, 05/21/2024 (MT Newswires) -- Zachry Holdings said Tuesday the company and some of its subsidiaries filed for Chapter 11 bankruptcy to initiate a "structured exit" from the Golden Pass LNG export terminal project in Sabine Pass, Texas.

Zachry Holdings is the lead contractor of the project owned by QatarEnergy and Exxon Mobil ( XOM ) .

"Work at all remaining jobsites is continuing without interruption," Zachry Holdings said.

"Unforeseen disruptions have resulted in significant financial strain while meeting targets and keeping the project appropriately staffed," Zachry Holdings said. The chapter 11 filing "provides us mechanisms to initiate a structured exit" from the project, the company said.

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