EnQuest’s creditors overwhelmingly backed the firm’s restructuring plans today.
The company said 1,931 scheme creditors – 85% of the total − voted on the measures yesterday at a meeting in London or by proxy.
It said 99.9% opted to support the proposals.
But the restructuring is not over the line yet. EnQuest said the scheme must be sanctioned by the Companies Court.
A hearing at the court is scheduled to take place on Wednesday.
The company, which had net debts of £1.38billion as of June 30, said the restructuring would add £195million to its balance sheet and extend final repayment until 2021.
It said the proposals were the final piece of the jigsaw that would help deliver Kraken, a flagship North Sea discovery slated for first oil next year.
The steps, which were announced last month, included a share placing worth £82million.
Chief executive Amjad Bseisu said he was ready to buy up to £40million worth of new shares, matching the pro-rata commitments of existing shareholders.
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