A US judge has confirmed Vantage Drilling’s chapter 11 plan, which aims more than halve the company’s debt load.
The restructuring has won widespread support from creditors and aims to reduce Vantage’s secured debt burden from $2.6bn to less than $1bn. The plan was approved by Judge Brendan Shannon of the the US Bankruptcy Court in Wilmington, Delaware, the WSJ reports.
The debt may be reduced further if investors opt to buy convertible notes issued under the plan.
The restructuring plan’s only objector is shipowner Nobu Su, who owned a stake in Vantage’s largest shareholder, F3 Capital. Su is also the chairman of Taipei-based shipping company TMT Group.
Su had reportedly requested the US bankruptcy proceedings be stalled to allow him to protect his interests but the judge denied the request because, being a shareholder of a shareholder, Su’s link to the company was too attenuated to halt Vantage’s progress.