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June 18 (Reuters) - New Fortress Energy NFE.O said on Thursday a UK court approved a restructuring plan for two of its subsidiaries, advancing the U.S. LNG company's efforts to reorganize its mounting debt obligations as it grapples with a severe liquidity crunch.

The company, which focuses on LNG infrastructure and power projects, has struggled to secure long-term LNG supply for power plants in Latin America as it lacks investment-grade credit rating, forcing it to buy fuel at higher prices.

In 2024, New Fortress began exploring options including bringing in strategic partners, selling assets after deferring shareholder dividends to preserve cash and working out a deal with bondholders to push back maturities.

In March, the company said it would separate its Brazilian operations into a standalone company as part of a broader restructuring deal with creditors aimed at cutting its debt.

On Thursday, New Fortress said the High Court of Justice of England and Wales approved the so‑called UK Restructuring Plan involving its subsidiaries, NFE Global Holdings Limited and NFE Brazil Newco Limited. The transactions are expected to be implemented by the third quarter of 2026.

The LNG company also said creditor backing for the restructuring plan was near-unanimous, with 99% creditors voting in favor at meetings held on Monday.

A U.S. bankruptcy court will hear the restructuring plan on June 26.