New Fortress Energy hires advisors to explore possible asset sales - Bloomberg
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New Fortress Energy (NASDAQ:NFE) closed +2.1% on Tuesday following a Bloomberg report that the company hired Lazard and Intrepid Financial Partners to explore potential sales of one or more of its liquefied natural gas assets.
New Fortress (NFE) has struggled with looming debt and project delays that have slowed cash flow; its long-term debt has ballooned to ~$8B, more than triple its market value.
The company said recently that it was seeking partnerships for its businesses, which include producing LNG off the Gulf of Mexico, and operating import terminals in Mexico, Jamaica, Puerto Rico and Brazil.
New Fortress (NFE) disclosed last week that its ability to continue as a going concern would be in jeopardy unless it can refinance some of its debts.
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