New Fortress Energy Unveils Debt Restructuring Deal to Cut Debt by 90%

New Fortress Energy (NFE) is restructuring to cut debt by 90%, with billionaire Wes Edens reaching an agreement with creditors. The deal involves exchanging $5.7 bln of existing debt for $527 mln in new debt, $2.5 bln in preferred equity, and 65% of the common equity in a newly formed entity. Existing shareholders will see their stake reduced to 35%. The company plans to separate its business into two parts, with creditor-owned Brazilian import terminals and power plants split from a publicly traded NFE. The restructuring comes as broader LNG markets face disruption.