From $12 to $1. Now the Most Interesting Restructuring Story in Energy.

A year ago, New Fortress Energy traded at $12. Today it trades at $1. The stock has lost over 90% of its value. The company carried $5.7 billion in debt against a market cap that has collapsed to roughly $300 million.

Most investors have walked away. Most analysts have stopped covering it seriously. Most of the financial media has moved on.

That is exactly when I start paying attention.

Because what is happening at New Fortress Energy right now is not a slow-motion bankruptcy. It is one of the most consequential debt restructurings in the energy sector in years, executed via a UK Restructuring Plan, and the company that emerges from it — called “New NFE” — will be a fundamentally different business. Smaller, leaner, less leveraged, more focused, and sitting on top of long-term contracted LNG-to-power infrastructure in markets where energy security has never mattered more.

I’ve spent the last hours going through the transaction documents, the financial projections, and the geopolitical context. What I found is worth talking about.

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