Singapore OSV owner Ezion Holdings has received permission from bondholders to restructure SGD 635m ($468m) of notes.
Consent was over 93% in all cases, the company said.
CEO Chew Thiam Keng said he was "both humbled and thankful" for the "overwhelming support" for its refinancing proposal from investors.
"Their votes of confidence have given the company the much-needed safe harbour as we sail into the winds of sectorial recovery," he added.
