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TAKING STEPS TO POSITION ZACHRY HOLDINGS, INC. FOR THE FUTURE

Continuing to Serve Customers at the Highest Safety and Quality Standards
without Interruption

We are proud of our 100-year history of putting safety first and delivering
exceptional quality and results that create the best outcomes for our customers.
Building on a set of shared values and the hard work and dedication of our team,
we have earned our reputation as a leading provider of engineering,
construction, maintenance, turnaround and fabrication services to the industries
that we serve.

Zachry Holdings, Inc. and certain of its subsidiaries have initiated a voluntary
court-supervised Chapter 11 process that provides them with time and flexibility
to resolve issues related to the Golden Pass LNG (GPX) export terminal project
in Sabine Pass, TX. The process we are starting today provides us mechanisms to
initiate a structured exit from the GPX project. It also enables us to take
certain actions that will improve our performance and better position our
business for the future.

All other projects and company efforts continue to perform in line with
expectations, and we will continue serving our customers while maintaining our
commitment to quality and safety as we move through this process.



THROUGHOUT THIS PROCESS, ZACHRY EXPECTS TO CONTINUE TO:


Pay employees as usual
Deliver outstanding execution for customers
Pay suppliers for goods and services provided on or after the filing date
Operate at the highest standards of safety and quality


FAQ FOR CUSTOMERS


 * WHAT DOES THIS MEAN FOR CUSTOMERS?
   
   
   
   We remain committed to delivering outstanding execution and upholding the
   highest standards of safety and quality as we help you enhance your business
   outcomes.
   
   While we are initiating a structured exit from the Golden Pass LNG project,
   our other projects and company efforts continue to perform in line with
   expectations and are moving forward.
   
   As we move through this court-supervised process, we will continue serving
   our customers and maintaining our commitment to quality and safety.


 * WILL THERE BE ANY CHANGES TO THE TERMS OF MY CONTRACT?
   
   
   
   No. Our operations are continuing across all our other jobsites and office
   locations.
   
   There will be no changes to our existing contracts or the way we work with
   you.
   
   We remain committed to delivering outstanding execution and upholding the
   highest standards of safety and quality as we help you enhance your business
   outcomes.


 * WILL MY POINT OF CONTACT CHANGE?
   
   
   
   No. You can continue to reach out to your normal company contact.




FAQ FOR PARTNERS


 * WHAT DOES THIS MEAN FOR BUSINESS PARTNERS?
   
   
   
   Operations are continuing across our other jobsites and offices. You play a
   key role in enabling us to provide safe and exceptional-quality services to
   our customers, and we will continue to work closely with you to ensure our
   mutual success.
   
   We appreciate your continued support and are confident the steps we are
   taking will make us an even stronger partner to you.
   
   We will keep you informed as we have updates to share throughout this
   process.


 * WILL MY CONTACT REMAIN THE SAME?
   
   
   
   Yes. You can continue to reach out to your respective company contact.




FAQ FOR SUPPLIERS


 * WHAT DOES THIS MEAN FOR SUPPLIERS?
   
   
   
   All other company activities are continuing to operate. We are relying on you
   to continue providing the products and services we need as we serve our
   customers throughout this process.
   
   We intend to pay suppliers in the ordinary course for all goods and services
   provided on or after the filing date of May 21, 2024.
   
   You play a key role in enabling us to provide safe and exceptional-quality
   services to our customers, and we will work closely with you to ensure our
   mutual success.
   
   We will keep you informed as we have updates to share throughout this
   process.


 * WILL SUPPLIERS BE PAID FOR GOODS AND SERVICES PROVIDED ON OR AFTER THE FILING
   DATE?
   
   
   
   We intend to pay suppliers in full for all goods and services provided on or
   after the filing date, May 21, 2024.
   
   We expect that cash on hand, along with cash generated from operations, will
   provide sufficient liquidity for us to meet ongoing business obligations
   during the court-supervised process.
   
   You play a key role in enabling us to provide safe and exceptional-quality
   services to our customers, and we will work closely with you to ensure our
   mutual success.
   
   We will keep you informed as we have updates to share throughout this
   process.


 * WILL SUPPLIERS BE PAID FOR GOODS AND SERVICES DELIVERED PRIOR TO THE FILING
   DATE?
   
   
   
   U.S. bankruptcy law mandates that unpaid debts for goods received and
   services rendered prior to the filing date cannot be paid without court
   approval.
   
   If you provided goods or services before the filing date and have not been
   paid, you can file a proof of claim with the U.S. Bankruptcy Court. We will
   provide notice to suppliers of any deadline and requirements for filing a
   claim.
   
   Information regarding how to file a claim is available on a website
   administered by our claims agent, KCC at www.kccllc.net/zhi, by calling KCC
   toll-free at (866) 479-8211 (U.S./Canada) or (781) 575-2037 (International),
   or by submitting an inquiry at www.kccllc.net/zhi/inquiry.


 * DOES ZHI HAVE THE LIQUIDITY TO MEET ITS OBLIGATIONS TO SUPPLIERS?
   
   
   
   We expect that cash on hand, along with cash generated from operations, will
   provide sufficient liquidity for us to meet ongoing business obligations
   during the court-supervised process.  


MEDIA RELEASES

May 21, 2024
Zachry Holdings, Inc. Initiates Voluntary Court-Supervised Chapter 11 Process to
Address Financial Challenges Related to Golden Pass LNG Export Terminal Site
Download PDF



ADDITIONAL INFORMATION

Court filings and other information related to the proceedings are available on
a separate website administered by the Company’s claims agent KCC at
www.kccllc.net/zhi, by calling KCC toll-free at (866) 479-8211 (U.S./Canada) or
(781) 575-2037 (International), or by submitting an inquiry at
www.kccllc.net/zhi/inquiry.


MEDIA INQUIRIES

media@zachrygroup.com 

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


ABOUT ZACHRY HOLDINGS, INC.

Zachry Holdings, Inc. 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.

Privacy Policy

Forward-Looking Statements
‍Statements in this communication 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.

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