US/EMEA Special Situations: New Fortress Energy opted for UK RP to avoid 'serious value destruction' under chapter 11; majority of creditor classes have >75% support
Matt Dickinson: - Senior Reporter, LevFin Insights
18 March 2026
- How New Fortress Energy chose an unconventional UK process over traditional bankruptcy proceedings.
- Why management believes this restructuring approach preserves significantly more stakeholder value than alternatives.
- What the separation into CoreCo and BrazilCo entities means for operational strategy going forward.
- Which creditor classes supported the deal and the innovative cramdown mechanisms available.
- Timeline expectations and critical milestones for completing the UK Restructuring Plan process.
Overview
New Fortress Energy chose a UK Restructuring Plan for its debt reorganization. Management believes this approach avoids significant stakeholder value destruction.
This UK process offers preservation benefits compared to traditional bankruptcy proceedings. Additionally, it provides certain advantages typically found in alternative filings.
Secured creditors controlled the restructuring direction and evaluated multiple pathway options. They selected the UK route after extensive discussions with company leadership.
Management expects the restructuring method to complete within several months. However, the process launches soon with court proceedings beginning shortly after.
The transaction significantly reduces corporate debt while separating core operations from Brazil. Furthermore, existing shareholders retain minority ownership in the reorganized entity.
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