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.
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