Behind the Story: NorthernStar and Bradwood Landing’s Bankruptcy Filings
On May 4, 2010, NorthernStar Natural Gas and Bradwood Landing filed for Chapter 7 bankruptcy-or total liquidation bankruptcy-in the Southern District of Texas. Bradwood Landing is a subsidiary of NorthernStar.The LNG companies' bankruptcy filings demonstrate the depth and scope of their debt to many Pacific Northwest companies and government bodies. For example, Bradwood's "unsecured creditors"-the creditors who are least likely to recover their money-include Clatsop County ($186,492.70), the Oregon Department of Energy ($3,352.25), the Astoria Rotary Club ($190.00), and law firm Stoel Rives (over $1,000,000). Bradwood Landing's estimated assets are under $300,000 while their estimated debt is in excess of $21,000,000.
Interestingly, Bradwood Landing saw fit to pay Energy Action Northwest, a special interest group that targeted Columbia Riverkeeper's efforts to protect the River. In the ninety-days before folding, the LNG companies managed to pay Energy Action Northwest over $76,000, while leaving other bills unpaid.
View the following documents:
Bradwood Landing's Bankruptcy Filings
NorthernStar's Bankruptcy Filings
Statement of Financial Affairs
