New Fortress Energy Tumbles to Record Low as Troubles Mount (1)

Shares of Wes Edens’ New Fortress Energy Inc. plunged to a record low Monday amid debt woes and after issuing a fresh warning about its ability to continue.

Shares of the New York-headquartered company sank more than 37% after the company disclosed its delayed earnings late on Friday and an arbitration case over late natural gas deliveries.

Wes Edens

Photographer: Patrick T. Fallon/Bloomberg

The company said in its filing that Alunorte in Brazil was seeking nearly $70 million over what it alleged were delays in gas supply. New Fortress Energy maintained it was within its contract.

Alunorte’s parent company Hydro declined to comment.

This is ...