EnQuest has been given confirmation of its Chapter 15 recognition order.
It comes after a hearing took place earlier this week before the US Bankruptcy Court of the Southern District of New York.
Judge Michael E Wiles ordered recognition of the scheme, together with other related reliefs, be granted.
Conditional of the scheme and the restructuring is depenedent on admission of new ordinary shares to trading on the London Stock Exchange’s main market and to listing on the premium listing
segment of the official list and to trading on NASDAQ Stockholm AB’s main market.
Earlier this week EnQuest creditors and UK Companies Court approved a key component of the firm’s restructuring plans.
The company said its debt restructuring proposals would add £195million to the balance sheet and extend final repayment until 2021.
EnQuest had net debts of £1.38billion as of June 30, 2016.
EnQuest had been in talks with Israeli firm Delek Group over a farm-out on Kraken, only for the deal to collapse mid-September.
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