What is the core financial restructuring proposal New Fortress Energy is seeking approval for in the London High Court?

New Fortress Energy is seeking court permission to implement a restructuring plan that would convert approximately 90% of its $6.5 billion debt into equity, extinguishing most of its debt obligations; under the plan, creditors would receive new equity and around $971 million in new debt instruments, while the company would be split into two entities—one holding its Brazilian assets (to be owned entirely by holders of the 2029 notes) and another (CoreCo) holding all non-Brazil operations, in which other debtholders would receive the majority of common shares and all preferred equity, and existing shareholders—including CEO Wes Edens—would retain a 35% stake in CoreCo.

Why did New Fortress Energy choose the UK’s London High Court for its restructuring, despite having no economically significant entity there?

New Fortress Energy chose the London High Court to implement its restructuring as part of a practice known as 'forum shopping', with its lawyers asserting it constitutes 'good forum shopping' because the group came to England specifically to carry out a creditor-benefiting restructuring—even though it had limited prior connections to England—and arguing that lack of pre-existing ties is not a valid reason for the court to refuse sanctioning the plans.

New Fortress Energy Takes $6.5 Billion Debt Plan to London Court

May 14, 2026

New Fortress Energy seeks London court approval for a $6.5 billion debt restructuring plan converting most debt into equity. The LNG operator plans to split assets between Brazil and other regions while creditors gain majority ownership.

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New Fortress Energy Takes $6.5 Billion Debt Plan to London Court

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