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New Fortress Energy Signs RSA with Creditors
March 18, 2026
New Fortress Energy (NFE) signed a Restructuring Support Agreement (RSA) with creditors to implement a major UK restructuring plan. The deal will significantly deleverage the company, cutting its debt by about 90% from $5.7bn to roughly $527mn. Creditors will receive a mix of new debt, $2.5bn in preferred equity, and 65% of common equity in a newly formed entity, “New NFE“. The preferred equity carries a 3Y payment-in-kind structure and may convert into common equity if not repaid. Existing shareholders will be diluted to 35%, with potential for further dilution if preferred equity converts.
As part of the restructuring, the company will split into two entities: “BrazilCo,” owned by creditors and holding Brazilian assets, and “New NFE,” a publicly listed LNG-to-power business comprising the remaining global operations. The formal UK restructuring process will begin in April, with completion targeted for the 3Q2026, subject to court and regulatory approvals.
Its dollar bonds jumped 4–8 points across the curve after the announcement. Its 8.75% 2029s were up by 8.2 points to 21.8 cents on the dollar.
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