New Fortress Energy Inc. (NASDAQ: NFE) has successfully completed a comprehensive restructuring and recapitalization transaction, as announced in an 8-K filing dated September 11, 2026. The transaction, sanctioned by the High Court of Justice of England and Wales and recognized by the U.S. Bankruptcy Court for the Southern District of New York, resulted in the separation of the company's Brazilian business from its core operations.
Under the terms of the restructuring, the company was divided into two separate entities. The Brazilian business was spun off into a new company, BrazilCo, while the remaining assets and operations were retained by the company, now referred to as CoreCo (or "New NFE"). As part of the exchange, approximately $5.7 billion in third-party debt was extinguished. In exchange for this debt, Plan Creditors received a combination of equity and new debt instruments, including:
- 100% of the equity interests in BrazilCo
- $571.3 million in senior secured term loans incurred by CoreCo
- 2,454,936 shares of CoreCo’s Series A Mandatorily Convertible Preferred Stock
- 10,608,922 shares of CoreCo’s Class A common stock, representing 65% of the outstanding shares
- $400 million in non-recourse senior secured term loans for FLNG 2 assets
- $200 million in non-convertible preferred equity interests for FLNG 2 assets
In addition to the restructuring, CoreCo raised $136.5 million in new financing. This capital raise included $36.5 million in new senior secured term loans and $100 million in new junior term loans. The company also amended its existing letter of credit facility to provide a $250 million committed facility.
Wesley R. Edens, CEO of New Fortress Energy, stated that the transaction has streamlined the company and reduced overall corporate debt from approximately $5.7 billion to approximately $700 million. The company emphasized that its remaining portfolio includes critical LNG and power assets, including operations in Mexico and Puerto Rico and a 735 MW power and turbine portfolio.
