Irish oil producer Petroceltic said a court examiner had selected its largest shareholder, Worldview Capital Management, to take control of the group.
Petroceltic, which received a 3 pence per share offer from Worldview in February, said it expected to sign an investment agreement over the coming days which would result in Worldview owning the company, marking the end of a long-running boardroom battle from activist investor Worldview to control the company.
Worldview had already secured effective control of Petroceltic, through its subsidiary Sunny Hill, after acquiring the majority of its debt.
After Petroceltic failed to refinance its US$230mln debt, Worldview acquired the debt from the company’s lenders at a discount.
Petroceltic was placed in examinership in March, a process under Irish law that is akin to Chapter 11 bankruptcy in the United States and administration in Britain.
The company, which operates in Algeria, Egypt, the Black Sea region and the Kurdistan region of Iraq, has been struggling due to the collapse in global crude oil prices.
More Petroceltic news