Premier Oil creditors have voted in favour of the firm’s plans to buy North Sea assets and extend debt maturities.
The company needed at least 75% of creditors to back its plans, but ended up getting approval from more than 80%.
Premier still needs to get approval of the Scottish Court of Session, with a hearing currently scheduled for March 17.
Shares in Premier were up 2.90% to £1.04 in London.
Premier’s plans have been opposed by its largest creditor, Asia Research and Capital Management (ARCM).
It thinks the acquisitions are risky and has urged the company to sell assets to reduce its debt pile.