New Fortress Energy completes UK restructuring, wipes out about $5.7 billion debt - NFE News | RalliesNew Fortress Energy completes UK restructuring, wipes out about $5.7 billion debt
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NFE• UK restructuring completed and debt reduced
- New Fortress Energy completed a restructuring and recapitalization tied to a UK Restructuring Plan, triggering the Restructuring Effective Date.
- The transaction separated the Brazilian business into two standalone companies, BrazilCo and New NFE.
- About $5.7 billion of third-party debt was extinguished, cutting corporate debt to about $700 million.
- Plan Creditors received BrazilCo equity, New NFE preferred equity with a $2.45 billion liquidation preference, and 65% of New NFE common equity.
- New NFE funded $136.5 million of new financing on the effective date.
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