Court Approves Settlement Agreement Between Zachry Holdings, Inc. and Golden Pass LNG

Settlement Paves Way for ZHI to Complete Court-Supervised Restructuring Process

SAN ANTONIO, July 24, 2024 /PRNewswire/ -- Zachry Holdings, Inc. (the "Company" or "ZHI") today announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved its settlement agreement with Golden Pass LNG Terminal LLC ("Golden Pass") and joint venture partners CB&I LLC and Chiyoda International Corporation.

The comprehensive settlement agreement fully resolves all financial and legal disputes among the parties related to the Golden Pass export terminal project in Sabine Pass, Texas. The settlement allows Golden Pass to resume construction on an expedited basis while Zachry will exit the project in an efficient and cooperative manner. The settlement, which has been approved by the Court on an interim basis, creates a path for ZHI to complete its Court-supervised restructuring process on an expedited basis.

John B. Zachry, Chairman and CEO of ZHI said, "We'd like to thank our employees, customers, and suppliers for their incredible support. The settlement resolves all of the issues we set out to address regarding the Golden Pass LNG project when we initiated our restructuring process earlier this year. This important milestone paves the way for us to move forward as a stronger company, better positioned for long-term growth and success. Zachry has a 100-year record of serving customers and helping them build, maintain and turnaround their critical facilities, and this commitment has never wavered. As we turn our focus to completing and exiting from our Court-supervised process this fall, we continue to operate all other projects without interruption at the highest safety and quality standards."

Additional Information

Additional information regarding the Company's Court-supervised process is available at www.ZHIrestructuring.com.

Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims and noticing agent Kurtzman Carson Consultants, LLC, dba Verita Global ("Verita"), at www.veritaglobal.net/zhi, by calling Verita toll-free at (866) 479-8211 (U.S./Canada) or (781) 575-2037 (International), or by submitting an inquiry at www.veritaglobal.net/ZHI/inquiry.

White & Case LLP is serving as legal advisor to ZHI and M3 Advisory Partners, LP is serving as financial and restructuring advisor.

About Zachry Group

Zachry Group is North America's pacesetter in turnkey engineering, construction, maintenance, turnaround and fabrication services to the energy, chemicals, power, manufacturing and industrial sectors. We work with customers to plan, build, and renew their most critical facilities, so they can achieve their immediate and long-term goals, all at the highest safety standards. Since 1924, we have been a purpose-driven organization, united by a shared set of values and the desire to deliver the very best outcome for our customers. Visit zachrygroup.com for more information.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could impact the Company's objectives and plans or cause the actual results of the Company to differ significantly from the historical results or from any future results expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and uncertainties relating to the Chapter 11 process, competition in the industry, general domestic or international economic conditions, and changes in laws or regulations. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "plans," or similar terms to be uncertain and forward-looking.

Media Contacts

media@zachrygroup.com

Michael Freitag / Aaron Palash / Carly King
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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