Alvarez and Marsal advises on landmark $9bn UK Restructuring Plans for New Fortress Energy
- New Fortress Energy (“NFE”) is a US-listed, global energy infrastructure group that owns and operates natural gas and liquified natural gas (“LNG”) infrastructure, including a fleet of vessels
- The NFE Restructuring Plans have been sanctioned by the English court to restructure more than $9bn of debt
A&M acted as financial advisor to NFE, providing restructuring advice and independent expert evidence to the Court
London, 18th June 2026 - Leading global professional services firm, Alvarez & Marsal (“A&M”) acted as financial advisor to NFE on its landmark UK Restructuring Plan, following sanction by the High Court of England and Wales of two inter-conditional Restructuring Plans under Part 26A of the Companies Act. The judgment, with parallel Chapter 15 recognition proceedings pending in the United States, restructures more than $9bn of debt – the largest consensual restructuring achieved under Part 26A to date, with 99% of creditors voting in favour.
A&M has advised NFE since October 2025, providing restructuring advice, contingency planning, liquidity monitoring, tax, and project management support throughout the process. Independent experts from A&M also provided evidence to the court on the Relevant Alternative, Enterprise Valuation, and Restructuring Surplus.
Under the restructuring, creditors will exchange more than $9bn of debt for a combination of equity and new debt, with the group separated into a private "BrazilCo" and a public "New NFE". The restructuring is expected to become fully effective by the end of June, following Chapter 15 recognition.
A&M mobilised restructuring, valuation, tax, and sector specialists across the UK, US, and Brazil for the engagement, reflecting the cross-border scale and complexity of the case. The team included:
Engagement Leaders
- James Holley - Managing Director
- John Walsh - Managing Director
Independent Expert Evidence
- Richard Fleming - Head of Restructuring, EMEA
- Richard Bibby - Head of Valuations, EMEA
US Restructuring
- Seth Bullock - Managing Director, Head of Energy Restructuring, US
- Michael Zembillas - Co-Head of Restructuring, Southern US
Brazil Restructuring
- Eduardo Gallardo - Managing Director
Natural Gas / LNG
- Renee Klimczak - Managing Director
Tax
- Andrey Ulyanenko - Managing Director
James Holley, Managing Director, said: “We are increasingly seeing a more strategic selection of forum for international restructuring – one that best aligns with the capital structure, stakeholder dynamics, and execution risk. The UK Restructuring Plan is highly attractive because it offers surgical financial restructuring, the ability to bind dissenting creditor classes through cross-class cram down, and a court process that is rigorous, commercially pragmatic, and capable of foreign recognition for international restructuring.”
Read more about our involvement here
ENDS
About Alvarez & Marsal
Founded in 1983, Alvarez & Marsal is a leading global professional services firm renowned for its leadership, action, and results. A&M provides advisory, business performance improvement, and turnaround management services, delivering practical solutions to address clients' unique challenges. With a worldwide network of experienced operators, world-class consultants, former regulators, and industry authorities, A&M helps corporates, boards, private equity firms, law firms, and government agencies drive transformation, mitigate risk, and unlock value at every stage of growth.
For more information, visit AlvarezandMarsal.com.
