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New Fortress Energy delays release of quarterly results due to debt negotiations

The US liquefied natural gas producer is extending its filing deadlines with the regulator, citing ongoing talks over additional credit support.

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New Fortress Energy stated that it had requested additional time to submit its second-quarter report for the period ending June 30, citing ongoing negotiations over additional credit support tied to one of its loan agreements. The company noted, in a filing to the U.S. Securities and Exchange Commission (SEC), that the outcome of these discussions remained uncertain and could affect the presentation of its long-term debt as well as related disclosures.

Debt pressure and audit delays
According to the company, the extension is also needed to allow its auditor to complete the review and procedures related to interim financial statements. Shares of New Fortress Energy fell by nearly 5% in early trading following the announcement.

In May, the company had already postponed filing its first-quarter results for similar reasons, citing delays in the completion of the previously announced sale of its operations in Jamaica and the resignation of its chief accounting officer.

Financing and supply challenges
At the end of the first quarter, the company reported debt of $8.9bn (USD8.9bn). Its financial difficulties stem mainly from its inability to secure liquefied natural gas (LNG) under long-term contracts for its power plants in Latin America due to a credit rating below investment grade. This situation forced the company to purchase gas on the market at higher prices.

The management of New Fortress Energy has not provided a specific timeline for concluding discussions with lenders.

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