New Fortress Energy Completes Landmark $5.7 Billion UK Restructuring

Paul, Weiss advised a group of New Fortress Energy Inc. bondholders on a restructuring and recapitalization transaction that extinguished $5.7 billion in third-party debt, one of the largest consensual UK restructuring plan transactions of all time. NFE is a global energy infrastructure company that owns and operates natural gas and liquefied natural gas infrastructure, as well as an integrated fleet of ships and logistics assets.

Under the terms of the transaction, NFE has separated into two independent entities: a private standalone creditor-owned company comprising NFE’s Brazil assets, and “New NFE,” a public LNG-to-power company holding NFE’s remaining assets. The group of bondholders advised by Paul, Weiss received substantially all of the voting and economic equity of the new standalone Brazilian company, now one of the most prominent LNG supply and infrastructure businesses in Brazil. Overall corporate debt has been reduced by about $5 billion to $700 million.

The Paul, Weiss team included capital solutions and restructuring partners Sung Pak, Andrew Rosenberg, Lauren Bilzin, Nick Charlwood, Liz Osborne and Kyle Satterfield, and counsel Patrick Mackenzie; corporate partners Jamie Franklin, Jia Ying and Shawn Beloin, of counsel Raphael Russo, and counsel Deniz Gurbuz and Camila Bourguignon; tax partners Matthew Jordan, Cian O’Connor, Deeksha Rathi and Rohit Pisal, and counsel Daniel Bleiberg; litigation partners Alison Benedon, William Clareman and Nicole Succar, and counsel Joshua Thompson; antitrust partners Nicole Kar and Lauren O’Brien; executive compensation partner Lawrence Witdorchic; real estate partner Ida Nowaid; and intellectual property counsel Phil Grudzina.