Höegh LNG Partners LP
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After the market closed on July 27, 2021, Höegh announced that it had cut its quarterly common unit distribution by 98% for the purpose of conserving cash to address near-term refinancing issues. Specifically, Höegh disclosed the collapse of the Company’s refinancing plans in regard to its FSRU Lampung facility, after the charterer of the vessel challenged Höegh’s new credit facility and the charter agreement with Höegh, announcing its intent to commence arbitration in order to terminate the charter and/or seek damages from Höegh. Höegh also announced that its parent company, Höegh LNG Holdings, will no longer provide financial support to Höegh. Höegh’s stock price fell $11.57 per share, or approximately 64%, on this news, to close at $6.30 per share on July 28, 2021, thereby injuring investors.