New Fortress Energy Inc. Restructuring Support Agreement

New Fortress Energy Inc. (NFE) and its subsidiaries have entered into a restructuring support agreement (RSA) with certain lenders and noteholders. The RSA outlines a comprehensive plan to restructure the company's principal funded debt obligations. Key aspects include the separation of NFE into two independent companies: one focused on its Brazil operations (BrazilCo) and the other retaining the remaining assets (CoreCo). Existing debt obligations will be exchanged for a combination of equity in BrazilCo, senior secured term loans, convertible preferred stock in CoreCo, common stock in NFE, and other debt instruments. The company also plans to backstop or replace existing letters of credit with new facilities for CoreCo and BrazilCo. The restructuring will be implemented through UK restructuring plans and will seek recognition in the U.S. under chapter 15 of the Bankruptcy Code. The agreement includes provisions for early consent fees and standstill fees, and outlines conditions for consummation, termination events, and required stockholder approvals.