2025.10.25 – How to Read New Fortress Energy’s 2025 Storm—bankruptcy rumors, Nasdaq notices, SEC delays, CCC-level ratings, Jamaica sale, restructuring signals, and what “D (Default)” really means (Europe/Amsterdam, October 25, 2025)

Posted byLeonardo Tomás CardilloPosted inUncategorized

Key Takeaways

  • As of October 25, 2025 (Europe/Amsterdam), New Fortress Energy (NFE, New Fortress Energy Inc.) has no public bankruptcy filing. The record points to late SEC (U.S. Securities and Exchange Commission) reports, Nasdaq (The Nasdaq Stock Market LLC) notices, deep losses, a major asset sale, credit ratings at CCC, and active creditor talks.
  • Credit ratings: Fitch Ratings cut NFE’s IDR (Issuer Default Rating) to CCC on June 5, 2025; S&P Global Ratings (S&P) lowered NFE to CCC/Negative on July 14, 2025.
  • Below CCC: In the S&P/Fitch scales the descent is CCC → CC → C → D (Default). S&P also uses SD (Selective Default); Fitch uses RD (Restricted Default) when only some obligations have defaulted.
  • Default risk at CCC/C: S&P’s long-run one-year averages (1981–2024) show ≈27.9% default for U.S. CCC/C issuers and ≈26.3% for European CCC/C issuers; “default” includes bankruptcies and distressed exchanges.
  • Jamaica sale: NFE closed its Jamaica assets sale to Excelerate Energy (EE, Excelerate Energy Inc.) for about $1.055–$1.06 billion on May 14, 2025.
  • Filing windows: Nasdaq noticed non-compliance on May 27, 2025; a later notice was disclosed August 22, 2025. Windows included a 60-day plan and, if accepted, a path to cure by November 11, 2025.
  • Restructuring signals: In September–October 2025, Bloomberg Law reported creditor NDAs (Non-Disclosure Agreements) and a debt-swap proposal delivered on October 10, 2025 at 7:20 PM UTC (9:20 PM in the Netherlands).

Story & Details

Bankruptcy status vs. market fear

No Chapter 11 or analogous court petition appears in public dockets or major wire services through October 25, 2025 (Europe/Amsterdam). The pattern instead is classic pre-restructuring distress: delayed SEC reports, Nasdaq compliance notices, ratings at CCC, a large asset sale, and organized creditor negotiations.

Nasdaq notices and the filing windows

  • May 27, 2025: Reuters reported Nasdaq non-compliance after NFE delayed its Form 10-Q. The exchange allowed 60 days to submit a plan; if accepted, NFE could regain compliance by November 11, 2025 by filing the overdue report.
  • August 22, 2025: NFE’s investor site disclosed another Nasdaq notice tied to the Q2 2025 delay (company post time not specified publicly).
    Timelines can appear different because listing rules create overlapping plan and cure windows; this article uses the most conservative reading from the published notices and reports. When specific hours are reported, Netherlands equivalents are shown.

Earnings pressure and the Jamaica sale

  • May 14, 2025: NFE closed the Jamaica transaction with Excelerate Energy for about $1.055–$1.06 billion and, the same day, reported a first-quarter 2025 net loss (Reuters coverage and the company’s release align on direction and drivers).
  • September 5–6, 2025: NFE posted second-quarter 2025 results showing a much larger net loss driven by non-cash items and impairments. Results and coverage are available via the investor site and Reuters.

SEC filings (selected milestones)

  • May 13, 2025: NT 10-Q (Notification of Late Filing under SEC Rule 12b-25) for Q1.
  • August 12, 2025: NT 10-Q for Q2 (company filings index).
  • September 5, 2025: Q2 2025 results posted; the related Form 10-Q is listed on EDGAR (Electronic Data Gathering, Analysis, and Retrieval).

Ratings pressure and what sits below CCC

  • Fitch Ratings downgraded NFE’s IDR to CCC on June 5, 2025, citing elevated execution and liquidity risks.
  • S&P Global Ratings lowered NFE to CCC/Negative on July 14, 2025 (noted in S&P’s public regulatory brief).
  • Below CCC: CC → C → D (Default). S&P may assign SD (Selective Default) when the issuer has defaulted on some obligations; Fitch may assign RD (Restricted Default) after a distressed exchange or missed payment on a material obligation while the company continues operating.

What “D (Default)” means and implies

  • S&P (S&P Global Ratings):
  • D (Default at the issuer or issue level): failure to pay one or more financial obligations on original terms beyond any stated grace period, and S&P does not expect full, immediate repayment.
  • SD (Selective Default): the issuer has defaulted on specific obligations (for example, a distressed exchange) while continuing to pay others.
  • Fitch (Fitch Ratings):
  • D (Default): broad, uncured payment default at the issuer or specific issue.
  • RD (Restricted Default): the issuer has experienced an uncured payment default or distressed debt exchange on a material obligation but has not entered formal winding-up and continues operating.
  • Moody’s (Moody’s Ratings):
  • On the long-term issuer scale the floor is C (often associated with default-like situations).
  • PDR (Probability of Default Rating) can display D-PD when failure to pay (beyond grace) has occurred; instrument-level ratings can be C while in default.
  • Common triggers: non-payment of interest or principal (after grace), distressed exchange (creditor receives less NPV than promised), bankruptcy/insolvency filings, or acceleration declared by creditors and not cured.
  • Practical consequences:
  • Cross-default/cross-acceleration clauses can make other debts immediately due.
  • Securities can trade flat (no accrued interest) at deep discounts.
  • Liquidity tightens: lenders may suspend lines, demand collateral, or enforce guarantees.
  • CDS (Credit Default Swap): an ISDA (International Swaps and Derivatives Association) Determinations Committee may declare a Credit Event (e.g., Failure to Pay or Restructuring), triggering an auction to settle CDS positions.
  • Listing rules: shares risk suspension or delisting if disclosures lapse or a bankruptcy process begins.
  • Operations and suppliers: tougher payment terms; need for DIP (Debtor-in-Possession) financing in court scenarios.
  • Capital structure outcomes: equity faces heavy dilution or cancellation; recoveries hinge on seniority and collateral (senior secured typically recover more than subordinated).

How risky is “CCC/C” historically?

  • S&P’s long-run one-year average CCC/C → Default rates (1981–2024):
  • United States: ≈27.9%.
  • Europe: ≈26.3%.
    Because “default” includes bankruptcy and distressed exchanges, not every “D” involves a court petition; many are out-of-court restructurings.

Restructuring signals

  • September 12, 2025: Bloomberg Law reported advisers to creditor groups signing NDAs as talks began.
  • September 24, 2025: Bloomberg Law reported more creditors preparing for confidential discussions.
  • October 10, 2025 at 7:20 PM UTC (9:20 PM in the Netherlands): Bloomberg Law reported delivery of a debt-swap proposal to creditor advisers.

Entities & Roles Index

  • New Fortress Energy (NFE, New Fortress Energy Inc.) — U.S. LNG (Liquefied Natural Gas) developer/operator.
  • Nasdaq (The Nasdaq Stock Market LLC) — Listing venue issuing non-compliance notices for late filings.
  • SEC (U.S. Securities and Exchange Commission) — U.S. regulator receiving 10-Q (Quarterly Report) and NT 10-Q (Late Filing Notice).
  • S&P Global Ratings (S&P) and Fitch Ratings — Credit rating agencies; CCC-level actions in mid-2025.
  • Excelerate Energy (EE, Excelerate Energy Inc.) — Buyer of NFE’s Jamaica assets.
  • Reuters / Bloomberg Law — Reported notices, results, creditor organizing, and the debt-swap report.
  • ISDA (International Swaps and Derivatives Association) — Oversees standardized CDS credit-event/auction process.

Chronology (selected)

  • March 27, 2025: Jamaica sale announced (press release).
  • May 13, 2025: NFE delays quarterly report; files NT 10-Q (Q1).
  • May 14, 2025: Jamaica sale closes; Q1 2025 loss reported.
  • May 27, 2025: Reuters notes Nasdaq non-compliance and the 60-day plan; potential cure by November 11, 2025 if the plan is accepted.
  • June 5, 2025: Fitch cuts NFE to CCC.
  • July 14, 2025: S&P cuts NFE to CCC/Negative.
  • August 12, 2025: NT 10-Q (Q2).
  • August 22, 2025: Nasdaq notice disclosed on NFE’s investor site.
  • September 5–6, 2025: Q2 2025 results posted and covered.
  • September 12 and September 24, 2025: Bloomberg Law: NDAs and confidential talks.
  • October 10, 2025: Debt-swap proposal reported delivered.
  • October 25, 2025: Status checkpoint: no public bankruptcy filing.

Conclusions

  • Through October 25, 2025 (Europe/Amsterdam) there is no formal bankruptcy filing for NFE.
  • Financial stress remains very high: late filings, Nasdaq warnings, heavy losses, CCC ratings, a large asset sale, and active restructuring discussions.
  • “D (Default)” is a formal label with material consequences (cross-default, CDS auctions, delisting risk, liquidity squeeze). CCC/C statistics place the risk in context while not predicting any single outcome.

Sources

Published by Leonardo Tomás Cardillo

https://www.linkedin.com/in/leonardocardillo

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