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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 debt obligations.

The company 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.

New Fortress has been grappling with a liquidity crunch, with mounting debt and missed interest payments. Its financial troubles largely stem from its failure 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.