New Fortress completes restructuring, cuts debt to $700 million

• Its Brazilian business and operations were separated to establish two distinct, standalone enterprises, BrazilCo and New NFE, New Fortress said.
• The company said the transaction extinguished nearly $5.7 billion of third-party debt, adding that it received all of the equity of BrazilCo.
• It has also received New NFE's preferred equity with $2.45 billion of liquidation preference, 65% of the common equity and nearly $571.3 million of its term loans. New NFE also raised $136.5 million in new financing.
• The company is much simpler and more streamlined, CEO Wes Edens said, adding that now "the company owns a portfolio of critical LNG and power assets, including a substantial and growing LNG portfolio, terminal operations and logistics in Mexico and Puerto Rico and a 735-megawatt power and turbine portfolio."
• In March, the company said it would separate its Brazilian operations into a standalone company as part of a broader restructuring deal with creditors aimed at cutting its debt.
• New Fortress began exploring options including bringing in strategic partners in 2024, selling assets after deferring shareholder dividends to preserve cash and working out a deal with bondholders to push back maturities.

Sept 11 (Reuters) - U.S. liquefied natural gas firm New Fortress Energy said on Friday it had completed its restructuring plan, bringing its debt down to from .