Iona Energy, the North Sea-focused oil & gas company, has had amendments to proposed restructuring plan approved at a meeting by bondholders today.
The meeting was scheduled to agree certain amendments to the terms of the restructuring that was approved back in August.
Last week Iona called for a two month extension on the debt restructuring plan after it raised concerns about the “funding position” of its partner, Atlantic Petroleum.
The Canadian independent oil & gas company with assets in the UK North Sea, is the operator of the Orlando field in which Atlantic has a 25% stake.
Iona also said it needed more time to finalise an earlier agreement with bond holders after it confirmed that a farm-in deal remained unfinalised.
Canadian-owned Iona had raised £185million from the sale of bonds before falling oil prices and production problems at the Huntington field in which it has a stake forced it to seek an extension of terms on the debt until the start-up on Orlando.
First oil from Orlando, which is north-east of Shetland and was discovered by Chevron in 1989, is expected by the end of 2016.
Atlantic, founded in 1998 by eighteen Faroese investors, said in August it was looking at “strategic alternatives” for the firm, potentially a sale.