New Fortress Energy completes restructuring and debt reduction

New Fortress Energy has completed a major financial restructuring under a UK-based plan, successfully reducing its corporate debt from approximately $5.7 billion to roughly $700 million. The process involved the extinguishment of $5.7 billion in third-party debt in exchange for new debt and equity stakes provided to participating creditors.

A key component of the restructuring is the separation of the company’s Brazilian operations into a new, independent entity called “BrazilCo.” Creditors received 100% of the equity in BrazilCo, which includes liquefied natural gas (LNG) infrastructure assets such as the regasification terminal in Barcarena, Pará, and a maritime terminal in Santa Catarina. This separation is intended to provide the Brazilian business with the autonomy needed to meet growing domestic energy demands without operational interruptions.

The remaining assets, operating under the name “New NFE,” include LNG terminals and logistics infrastructure in Mexico and Puerto Rico, alongside a 735-megawatt power and turbine portfolio. As part of the transaction, New NFE also raised $136.5 million in new financing. Additionally, the company has sold two former Seadrill semi-submersible rigs, previously intended for conversion into floating LNG plants, for scrap as part of a broader balance-sheet overhaul.