New Fortress Energy gains on plan to split company, cut debt

Shares of U.S. LNG firm New Fortress Energy NFE.O jump 32.6% to $1.43

NFE says it will separate its Brazilian operations into a standalone company as part of a broader restructuring deal with creditors aimed at sharply cutting its debt

NFE will split into two entities: a privately held Brazil-focused company owned by creditors, and a publicly traded "New NFE" that will hold the rest of its global assets

Expects to complete split by mid-2026

Says it has signed a restructuring support agreement with creditors under a consensual UK restructuring plan, which it expects to launch in April

Restructuring is expected to reduce New NFE’s corporate debt to about $527.5 million from roughly $5.7 billion

Including session's moves, NFE up 25.45% YTD