Struggling North Sea firm Noreco has been thrown a lifeline after bondholders agreed a refinancing package.
The company, which has a 20% stake in the Huntington gas field along with oil fields in the Danish North Sea, had put a revised plan to shareholders today over plans to raise more than £325million.
The company had warned it faced liquidation if a deal could not be agreed.
Initially it looked as though the plans had been rejected, until it was confirmed a miscalculation had been made in counting the votes over one of the bonds, meaning all have been approved.
The news comes as the company confirmed it expects output from the Huntington field, which has been operating at reduced capacity since September due to pipeline problems, is now being ramped up to full output.
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