|
New York - September 11, 2026 New Fortress Energy Inc. (NASDAQ: NFE) (together with its direct and indirect subsidiaries, "NFE" or the "Company") is pleased to announce that it has successfully completed its restructuring and recapitalization transaction in relation to the consensual UK Restructuring Plan (the "UK RP") between its subsidiaries and certain of their creditors (the "Plan Creditors"). The UK RP was approved on June 18, 2026 and recognition of the UK RP was confirmed by the United States Bankruptcy Court for the Southern District of New York on June 26, 2026. The Company has now completed all steps, satisfied all conditions and obtained all necessary approvals in relation to the implementation of the UK RP and the Restructuring Effective Date occurred today. As a result of the completion of the transaction, the Company's Brazilian business and operations have been separated to establish two distinct, standalone enterprises, BrazilCo and "New NFE". The transaction provided for the extinguishment of ~$5.7 billion of third party debt with Plan Creditors receiving: (i) all of the equity of BrazilCo, (ii) preferred equity of "New NFE" with $2.45 billion of liquidation preference, (iii) 65% of the common equity of "New NFE" and (iv) ~$571.3 million of "New NFE" Term Loans. Plan Creditors with claims against FLNG 2 also received preferred equity relating to, and Term Loans with limited recourse to, the FLNG 2 assets. "New NFE" also raised $136.5 million of new financing that was funded on the Restructuring Effective Date. Certain Plan Creditors have the opportunity to participate in the new financing and should refer to the Company's Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission for more details and contact Houlihan Lokey at NFEfinancing@hl.com no later than 5:00 pm EDT on September 17, 2026 if they would like to participate. Having successfully streamlined and significantly deleveraged, "New NFE" is expected to be strategically positioned for sustainable growth. "This restructuring marks a new beginning for our company," said Wes Edens, CEO of New Fortress Energy. "The UK RP restructuring results in the "New NFE" being a much simpler, more streamlined company. The Company owns a portfolio of critical LNG and power assets, including a substantial and growing LNG portfolio, terminal operations and logistics in Mexico and Puerto Rico and a 735mw power and turbine portfolio. These assets and operations produce significant cash flow today and when fully deployed in the coming months provide the opportunity for significant growth. As a result of this transaction our balance sheet has changed dramatically - overall corporate debt has been reduced from approximately $5.7 billion to approximately $700mm today. The closing today is a huge step forward for the Company and we are excited to bring a renewed focus on our mission of bringing cleaner and cheaper power to countries around the world." NFE is advised by Skadden, Arps, Slate, Meagher & Flom LLP and its affiliates as legal advisors, Houlihan Lokey Capital, Inc. and Alvarez & Marsal as financial advisors. NFE Global Holdings Limited Suite 1, 7th Floor 50 Broadway London, SW1H 0BL United Kingdom NFE Brazil Newco Limited Suite 1, 7th Floor 50 Broadway London, SW1H 0DB United Kingdom About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world's transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the Company's assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. New Fortress Energy Inc. - press release 
|
