Bloomberg News

Cohen’s SAC Capital Buys Stake in LNG-Operator Cheniere Energy

January 03, 2012

Dec. 29 (Bloomberg) -- SAC Capital Advisors, the $14 billion hedge fund run by Steven A Cohen, bought a 5.7 percent stake in Cheniere Energy Inc., a liquefied natural-gas importer, according to a filing with the U.S. Securities and Exchange Comission today.

Cheniere has an import terminal in Sabine Pass, Louisiana, that it’s trying to convert for export. The project, which would cool gas into a liquid so that it can be loaded onto ships, will initially cost as much as $5 billion. Cheniere faces a cash crunch that may trigger a default in May, Standard & Poor’s said in a note to clients Oct. 31.

Diane Haggard, a spokeswoman for Houston-based Cheniere, didn’t respond to calls seeking comment.

--Editors: Jasmina Kelemen, Charles Siler

To contact the reporter on this story: Mike Lee in Dallas at mlee326@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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