Hong Kong-listed Agritrade Resources has announced that the Supreme Court of Bermuda has permitted the board to work with joint provisional liquidators to implement a financial restructuring.
The board continues to retain the powers to conduct ordinary busines operations of the company.
Last month, Agritrade received two petitions filed by two creditors at the court to wind up the company after it failed to repay debt.
Agritrade mainly engages in energy trading and shipping. Its shipping subsidiary, Sea Oriental Lines, currently has one tanker in its fleet.