Oslo-listed Eitzen said all involved parties have executed the Plan Support Agreement (PSA) and the necessary resolutions by the bondholders and shareholders’ meetings have been adopted.
The owner revealed a $850m scheme before Christmas that will see holders of converted debt control 98% of the company.
The package includes fresh loans and a series of sale-and-leasebacks.
Aage Figenschou-led Eitzen has until 28 February to secure a firm agreement, something that the company expects to happen by the end of this month.
