New Fortress Energy delays quarterly filings amid debt restructuring discussions

New Fortress Energy, a U.S. company that deals in liquefied gas, has asked for more time to submit its third-quarter financial results. The company is negotiating a debt restructuring due to an upcoming interest repayment.

The company has been delaying its quarterly filings all year and said that the outcome of these talks could impact what it discloses for the three-month period ending September 30.

New Fortress stated that it would evaluate how possible defaults under their debt agreements could impact its cash position, if the extension was not granted.

As of June 30, the long-term debt was $7.8 billion.

Due to its lack of investment grade credit rating, the company was unable to secure long-term LNG supplies for power plants across Latin America. This forced it to purchase fuel at higher costs.

The company generates the majority of its revenue outside the United States. This is primarily in Latin America and other Caribbean regions.

New Fortress explored options last year such as bringing strategic partners in or selling assets, after deferring dividends for shareholders to preserve cash. They also worked out a deal to delay maturities with bondholders.

(source: Reuters)