New Fortress Energy (NFE) is seeking permission from a UK court for a restructuring plan that will convert 90% of its $6.5 billion debt into equity and transfer ownership of the company to creditors, Bloomberg reported Thursday.
The plan would see creditors get new equity, along with around $971 million of new debt instruments, according to the report. New Fortress Energy would be split in two, with one entity housing the company's assets and operations in Brazil, and another containing everything outside the country, Bloomberg said.
The company's plan has received support from 97% of interested creditors, according to lawyers representing New Fortress Energy, the report said.
New Fortress Energy did not immediately respond to' request for comment.
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