New Fortress Energy announced that the UK restructuring plan for two of its subsidiaries was approved at a hearing in the High Court of Justice of England and Wales, advancing efforts to reorganize debt obligations. The company has been coping with a liquidity crunch, mounting debt, and missed interest payments after failing to secure long-term LNG supply for power plants in Latin America due to its lack of an investment-grade credit rating. A hearing before the US Bankruptcy Court of the Southern District of New York to confirm recognition of the UK restructuring plan is scheduled for June 26.
New Fortress Energy LLCUK court approval of subsidiary restructuring plan advances debt reorganization, easing liquidity concerns.