NFE Global Holdings Limited, Re

Facts

NFE Global Holdings Limited and NFE Brazil Newco Limited, two English-incorporated members of the New Fortress Energy group headed by the Delaware parent New Fortress Energy Inc, applied for permission to convene meetings of their Plan Creditors to consider two proposed restructuring plans under Part 26A of the Companies Act 2006, known as the CoreCo Plan and the BrazilCo Plan. The Group operates LNG infrastructure, shipping and logistics assets, and is in considerable financial distress: its debt to external Plan Creditors stands at some US $6.5 billion, with a further US $3 billion owed within the Group or to non-external Plan Creditors. According to the evidence of Mr Guinta, the Group's chief financial officer and a director of each Plan Company, the cost and delay of the Group's projects left it unable by November 2025 to pay over US $200 million of debts then due, including US $163.8 million of interest owed to the 2029 New Noteholders; short-term forbearances were agreed but the cash to pay the unpaid interest was not, and is not, available. The Plans propose to convert most of the debt into equity together with a small amount of new debt, and to separate the Brazilian business from the business outside Brazil. Seven creditor constituencies, with recourse to five collateral pools, were proposed as seven classes. Holders of GLP preferred units appeared to raise a concern.