April 9, 2021, 3:22 PM
A liquefied natural gas trading company that was until recently based in Dubai and part of India’s Hiranandani Group is being liquidated, according to a letter to creditors seen by Bloomberg News.
HE Mideast Ltd. had insufficient funds to meet its debts, according to the letter, dated April 1, seen by Bloomberg. The firm defaulted on at least $50 million worth of debt to LNG suppliers including Malaysia’s Petroliam Nasional Bhd and Royal Dutch Shell Plc, said people with knowledge of the matter.
The company took speculative positions on physical and paper LNG trades over the last few years, which…