NFE Global is in Chapter 15 as an ancillary U.S. recognition case, with the real restructuring track running through English Part 26A restructuring plans and a U.S. recognition hearing set for June 26, 2026. Christopher Boas filed the Chapter 15 PetitionDkt. 1 and Verified PetitionDkt. 3 to recognize the English proceedings as foreign main proceedings, recognize Boas as foreign representative, and protect U.S. assets while the UK restructuring moves toward sanction and implementation.
The filing follows liquidity pressure and capital structure stress across the New Fortress Energy group, including approximately $5.7 billion of external funded debt guaranteed by the debtors and about $2.4 billion of intercompany obligations. The Verified PetitionDkt. 3 describes a capital stack led by $2.73 billion of New 2029 Notes, $1.27 billion of Term Loan B debt, revolver obligations, Term Loan A debt, and legacy notes, with the proposed transaction intended to reduce external funded debt to less than $1 billion. The supporting declarations describe the restructuring as a response to liquidity challenges, capex overruns, missed payment defaults, and covenant issues, with creditor support already organized through a March 17, 2026 restructuring support agreement filed with the Stephansen DeclarationDkt. 4.
The plan path is a creditor-supported UK restructuring that would separate the business into CoreCo and BrazilCo, exchange existing debt for new debt, preferred stock and equity, and allocate BrazilCo equity and CoreCo economics among creditor constituencies while leaving existing shareholders with a continuing CoreCo stake subject to dilution. The identifies the key UK milestones as June 15, 2026 plan meetings and a June 18, 2026 sanction hearing, with consummation tied to liquidity, regulatory approvals, and a September 15, 2026 long-stop date that can be extended to December 31, 2026.
In the U.S. case, the court has already put the Chapter 15 cases on a procedural track by jointly administering NFE Global and NFE Brazil Newco under the lead case without substantive consolidation through the Joint Administration OrderDkt. 7. The next U.S. gating event is the final evidentiary recognition hearing at 10:00 a.m. ET on June 26, 2026, with objections due June 19 and replies due June 23 under the Recognition Hearing OrderDkt. 9.
