New Fortress Energy Seeks SEC Filing Extension Amid Debt Talks

New Fortress Energy has requested more time from the SEC to file its Q2 report, citing ongoing debt agreement talks and audit delays. The LNG company faces $8.9 billion in long-term debt and challenges securing fuel for Latin American operations.

(Reuters) — New Fortress Energy said on Aug. 12 it has sought more time from the U.S. securities regulator to file its report for the second quarter ended June 30, citing ongoing talks over additional credit support required under one of its debt agreements.

Shares of the U.S.-based liquefied natural gas company declined nearly 5% in early trading.

The timing for resolving the discussions is uncertain and could affect how its long-term debt and related disclosures are presented, New Fortress said in a filing with the U.S. Securities and Exchange Commission.

The company also needs more time to complete procedures for interim financial statements and allow its auditor to finish its review.

New Fortress had made a similar announcement in May that it would extend its first-quarter filing with the SEC due to delays in completing a previously announced sale of its business in Jamaica and the resignation of its accounting chief.

It had long-term debt worth $8.9 billion at the end of the first quarter.

The company's financial woes stem from its inability to secure LNG for its power-generation assets in Latin America on long-term agreements because its credit was not rated investment-grade and had to acquire the gas at higher prices.