New Fortress Energy Inc. has entered into a forbearance agreement with certain lenders after failing to make a scheduled interest payment of approximately $30.6 million under its Term Loan B Credit Agreement. The company also notified lenders it does not plan to make certain principal payments due at the end of the year, leading to events of default. As a result, amendments to related credit and letter of credit agreements now allow lenders to accelerate repayment and require cash collateralization of outstanding letters of credit if the company fails to comply with the terms of the forbearance agreements. These developments could force New Fortress Energy to pursue additional restructuring initiatives, including the possibility of out-of-court or in-court proceedings, posing significant risks to shareholders.