Creditors to New Fortress Energy Organize Amid Bond-Price Slump

(Bloomberg) -- Various creditor groups to New Fortress Energy have formed as struggles mount for billionaire Wes Edens’ liquefied natural gas company, according to people familiar with the situation. 

Some term-loan lenders have organized with legal counsel Akin Gump Strauss Hauer & Feld, said the people, who asked not to be identified discussing a private matter. 

Meanwhile, a group of creditors led by Capital Research Group Inc. is getting advice from Paul Weiss Rifkind Wharton & Garrison, the people said. The investors have holdings across the New Fortress debt structure. 

New Fortress and Capital Research declined to comment. Akin and Paul Weiss didn’t immediately respond to requests for comment. 

The creditor moves come as New Fortress has been struggling with delayed projects that have hampered its cash flow. The company is late in filing its first-quarter report with the Securities and Exchange Commission, citing in part a delay in the $1.06 billion sale of Jamaican operations that was completed last month. 

Some of its bonds have plunged to record lows below 50 cents on the dollar this month in the wake of downgrades by S&P Global Ratings and Fitch Ratings. Both cited the firm’s ability to refinance debt. 

New Fortress last year reached a deal with some bondholders to push back debt maturities.

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