Why New Fortress Energy Stock Is Plummeting Again Today
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New Fortress Energy's stock is experiencing significant sell-offs, down 8.6% as of 11:15 a.m. ET, following a delay in filing its quarterly 10-Q report with the SEC. The company cited ongoing negotiations for credit support related to its debt instruments as the reason for the delay. Revenue has fallen sharply due to the discontinuation of a power project in Puerto Rico and the sale of its Jamaican business. Additionally, operating expenses have increased due to impairments. The company is facing challenges in securing new contracts to manage its debt effectively.
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