New Fortress Energy subsidiaries NFE Global Holdings Limited and NFE Brazil Newco Limited filed Chapter 15 cases on 28 May in the US Bankruptcy Court for the Southern District of New York. The debtors are seeking recognition of the English proceedings as foreign main proceedings and enforcement of the UK restructuring plans, including plan releases.
The debtors are guarantor entities within the New Fortress Energy group and are using the English proceedings to implement a comprehensive balance sheet restructuring supported by creditors holding approximately 97% of the group’s funded debt by value, according to the verified petition.
Judge Martin Glenn has been assigned to the cases. The Chapter 15 docket can be found here.
Situation overview
The Chapter 15 filing supports a UK-led restructuring that would reduce the group’s external funded debt from approximately $5.7bn to less than $1bn and split the business into separate BrazilCo and non-Brazil CoreCo operating groups. According to the verified petition, recognition in the US is a condition precedent to consummating the restructuring contemplated by the restructuring support agreement.
New Fortress Energy and its affiliates operate a global LNG and energy infrastructure platform with operations in the US, Puerto Rico, Brazil, Mexico, Ireland...
