Australia's Liquefied Natural Gas Limited (LNG Ltd) has entered voluntary administration just weeks after a takeover of the company fell through.

LNG Ltd revealed late last week it had appointed Craig Crosbie, Simon Theobald and Daniel Walley of PricewaterhouseCoopers Australia as joint and several voluntary administrators of the company on 30 April.

It added the administrators were currently reviewing LNG Ltd’s business and assets and said they would be in contact with creditors “shortly”.

It came just week’s after Singaporean outfit LNG-9 withdrew its proposal to acquire LNG Ltd, the proponent behind the Magnolia LNG project in the US and Bear Head LNG development in Canada.

LNG-9 had proposed an offer in March consisting of US$0.13 in cash per share, valuing the share capital of LNG Ltd at US$75 million.

Following the withdrawal of LNG-9's offer, LNG Ltd warned that while it had sufficient cash reserves to meet its commitments until May, it needed to secure "additional meaningful funding urgently to continue operating beyond then".

LNG Ltd also revealed Friday Michael McAnearney and Richard Beresford had resigned as directors of the company on 30 April.

It added Gregory Vesey and Michael Steuert had already resigned as directors on 29 April and Andrew Gould had resigned as company secretary on the same date.

LNG

Aussie LNG proponent enters voluntary administration