NFE Global Holdings Limited Bankruptcy Case

NFE Global Holdings is now in the implementation phase of an English Part 26A restructuring after the Southern District of New York recognized the English proceedings as foreign main proceedings and made the restructuring plans, related releases and English sanction order enforceable in the United States. The court’s recognition orderDkt. 28 also protects the debtors’ U.S. assets from creditor enforcement and authorizes the foreign representative to take the steps needed to implement the plans.

The case began on May 28, 2026, when foreign representative Christopher Boas filed for Chapter 15 recognition to support the English process. NFE entered that process amid liquidity pressure and capital-expenditure overruns, carrying approximately $5.7 billion of external funded debt across revolving facilities, term loans and secured notes. Under a March 17 restructuring support agreement backed by approximately 97% of funded-debt holders, the proposed restructuring would reduce that debt to less than $1 billion, exchange existing claims for new debt, preferred equity and common equity, and separate the group into CoreCo and BrazilCo; those terms and the recognition relief sought are detailed in the verified petitionDkt. 3.

After the English court sanctioned the plans, the U.S. recognition request proceeded on an uncontested basis at the June 26 hearing. The bankruptcy court entered recognition on June 29, and its subsequent memorandum opinionDkt. 30 found England to be the debtors’ center of main interests, concluded that the plans offered creditors a superior outcome to the relevant liquidation or Chapter 11 alternative, and upheld the plan releases as part of the court-supervised cross-border restructuring. With recognition granted, the near-term path is execution of the CoreCo/BrazilCo separation and the plan’s debt-for-equity recapitalization rather than a U.S. Chapter 11 sale or standalone reorganization.

Chief Judge Martin Glenn published his reasoning for recognizing NFE Global Holdings Limited’s English Part 26A proceedings as foreign main proceedings and giving full U.S. effect to the sanction order, restructuring plans and plan releases. The memorandum opinion finds the debtors’ center of main interests in England based on their London registered offices, English books and records, U.K. corporate administration and creditor expectations. It also emphasizes overwhelming creditor support: six of seven voting classes approved unanimously, the seventh approved by 99.84%, and no party objected in the Chapter 15 case.

The plans separate NFE into BrazilCo, owned by participating creditors, and CoreCo, in which creditors receive 65% and existing shareholders retain 35% before dilution. Glenn enforced the releases because they were integral to exchanging creditor claims for plan consideration, while warning that Chapter 15 courts must scrutinize “COMI tourism” and foreign relief that could circumvent U.S. bankruptcy protections. A JD Supra-hosted analysis identifies the decision as guidance for U.S.-listed groups considering English plans instead of plenary Chapter 11 cases.

NFE Global Holdings Limited

NFE Global Holdings Limited

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Judge Glenn endorses NFE’s English plans and releases

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