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

Billionaire Wes Edens’ New Fortress Energy Inc. is seeking permission from a UK court for a sweeping restructuring that will see the vast majority of the firm’s debt load converted into equity and hand ownership of the business to creditors.

Lawyers for the New York-listed LNG operator asked a London High Court judge on Thursday to allow for the company’s creditors, who are owed $6.5 billion, to convene meetings to vote on two interlinked restructuring plans. If approved, the proposals would extinguish approximately 90% of the group’s total debt. The plan already has the support of 97% of interested creditors, according to lawyers representing NFE.