New Fortress Energy Inc. (NFE) has secured a major milestone in its cross‑border restructuring after the High Court of Justice of England and Wales sanctioned its dual inter‑conditional UK Restructuring Plans, with a follow‑on hearing for U.S. recognition scheduled for June 26 before the U.S. Bankruptcy Court for the Southern District of New York. The […]
New Fortress Energy Inc. (NFE) has secured a major milestone in its cross‑border restructuring after the High Court of Justice of England and Wales sanctioned its dual inter‑conditional UK Restructuring Plans, with a follow‑on hearing for U.S. recognition scheduled for June 26 before the U.S. Bankruptcy Court for the Southern District of New York.
The information was provided in a company statement on Thursday. New Fortress Energy is the parent company of Genera PR, which operates as an independently managed subsidiary of NFE and handles the operation and maintenance of Puerto Rico’s thermal power generation fleet.
According to the company, the Sanction Order will be filed with the Registrar of Companies shortly, allowing the plan to become effective under UK law.
The approval follows overwhelming creditor support. At meetings held June 15, 99% of Plan Creditors voted in favor, with unanimous consent across nearly all classes. The plans cover NFE Global Holdings Limited and NFE Brazil Newco Limited, which together account for more than $9 billion in debt to be restructured.
Global advisory firm Alvarez & Marsal (A&M) served as NFE’s restructuring advisor throughout the process, providing valuation, restructuring, tax, liquidity monitoring, and contingency‑planning support. A&M experts also submitted evidence to the court on the Relevant Alternative, Enterprise Valuation, and Restructuring Surplus—key components underpinning the court’s sanction of the plans.
Under the restructuring, creditors will exchange more than $9 billion of debt for a mix of equity and new debt instruments. The transaction will also split the business into two entities: a private “BrazilCo” and a publicly traded “New NFE.” A&M mobilized teams across the UK, U.S., and Brazil to support the cross‑border effort, which the firm described as the largest consensual restructuring completed under Part 26A of the UK Companies Act to date.
NFE expects the restructuring to become fully effective by the end of June, pending Chapter 15 recognition in the United States and satisfaction of customary regulatory conditions. Implementation of the broader transactions is anticipated by the third quarter of 2026.
