Billionaire Edens Cuts Restructuring Deal With NFE Creditors (2)

Billionaire Wes Edens has reached a deal with creditors to restructure New Fortress Energy Inc., in a transaction that will cut the company’s debt by 90%.

As part of the deal, which will be carried through a UK restructuring plan, creditors will exchange their existing holdings for debt, preferred equity and common equity in a newly created entity, according to a company statement on Tuesday.

The agreement calls for splitting the liquified natural gas provider into two companies. One will be owned by creditors and operate import terminals and power plants in Brazil. The other will be a publicly ...