New Fortress Ch. 15 Adds Fuel To English Restructuring Trend

In an article for Law360, finance and restructuring partners Buvini Kularatne and Ian Bambrick, and associates Jeanine Leahy and Nicola Rout, discuss New Fortress Energy Inc.’s use of an English restructuring plan to restructure $9.6 billion of debt and obtain Chapter 15 recognition in the U.S. Bankruptcy Court for the Southern District of New York.

The authors examine how New Fortress’ restructuring builds on a trend of Nasdaq-listed companies using English restructuring plans as an alternative to Chapter 11, highlighting potential advantages for supported balance-sheet restructurings, including third-party releases, flexibility for retaining equity, overcoming numerosity challenges, and a narrower restructuring scope.