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New Fortress Energy Inc. is requesting an extension from creditors to finalize a debt restructuring before a forbearance period expires on Friday. The liquefied natural gas operator is negotiating additional time with lenders due to project delays and declining cash flow.

New Fortress entered a forbearance agreement after missing a $30.6 million interest payment on its term loan B facility due in 2028. If no extension is secured, debt holders may accelerate principal payments, potentially leading to bankruptcy, as the company has total debt of $8.9 billion, with $6.6 billion classified as current.

The company's term loan maturing in 2028 is quoted at around 41 cents, while its 12% secured notes have dropped to nearly 28 cents on the dollar. Various creditor groups are engaged in discussions for advice and restructuring support.