New Fortress Energy Takes $6.5 Billion Debt Plan to Court

Billionaire Wes Edens’ New Fortress Energy Inc. won permission from a UK court to arrange creditor votes on a sweeping restructuring that will see the vast majority of the firm’s debt load converted into equity, handing ownership of the business to its lenders.

A London High Court judge gave the green light on Thursday for the LNG operator’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 New York-listed group’s total debt. The plan already has the support of 97% of interested creditors, according to lawyers representing NFE.