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Bond Market News
New Fortress Enters Into New Forbearance Agreement
December 22, 2025
New Fortress Energy (NFE) has entered into new forbearance agreements with holders of its term loans after earlier securing similar relief from senior secured noteholders, following missed interest payments and a notice that it does not intend to repay certain principal due at year end. The new agreements run until 9 January 2026 and temporarily prevent creditors from accelerating the debt while the company works on a broader restructuring. Lenders can force immediate repayment once the forbearance expires if no deal is in place. The company has delayed filing its Q3 results and has been locked in negotiations with multiple creditor groups as delayed projects and weaker cash flows strain its capital structure. The company had about $7.8bn of long term debt as of 30 June 2025. Earlier this year, NFE was downgraded to Restricted Default (RD) after missing the coupon on its 12% 2029s. Its shares have since collapsed while its dollar bonds trade at distressed levels.
Its 8.75% 2029s are trading at deeply distressed levels of only 8.5 cents on the dollar.
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