UK-based shuttle tanker specialist Altera Infrastructure is looking ahead with optimism after emerging from Chapter 11 bankruptcy restructuring in the US.

The $1.95bn debt deal strengthens its balance sheet and provides a long-term foundation for growth, the New York-listed owner said.

The pre-arranged Chapter 11 package, which has taken five months to complete in the Bankruptcy Court of the Southern District of Texas, gives Altera sustainable liquidity over the long term after more than $1bn of junior borrowings were converted into shares.