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Tellurian (NYSE:TELL) closed -14.1% in Friday’s trading to wrap up a volatile week, after new chairman Martin Houston said in a letter to shareholders that the company appointed a financial advisor for help with balance sheet management.
Houston, who took over as chair three weeks ago from former chair and co-founder Charif Souki after auditors raised doubts about the company’s ability to cover future expenses, said Tellurian (TELL) has cut general and administrative costs by nearly 50%.
Earlier this week, the company said it swapped $37.9M in notes from a 2025 bond for shares and an agreement that eliminated a debt payment due January 1.
Tellurian (TELL) shares had been rising after the company disclosed that Chatterjee Fund Management had raised its stake in the company to 7.3% from 5.2% previously.