Singapore trader and bulker owner Noble Group has been given more time to complete its $3.5bn restructuring.
Courts in the UK and Bermuda have extended the deadline from 27 November to 11 December, it said.
The company has been seeking to reorganise debt of $3.5bn, but other claims could push this to $4.2bn.
Noble said the ad-hoc group of creditors remains supportive.
"The company has made good progress towards the completion of the restructuring," the shipowner added.
"Nonetheless, due to the additional time required to fully address all concerns of the regulators and to ensure that the interests of all stakeholders continue to be protected, the company anticipates a change in the indicative timeline for the restructuring, including a change in the expected restructuring effective date."
Noble's bond and bank debt has fallen into default and it has been selling some of its dry cargo fleet in the past year.
New bonds to be issued
All scheme creditors will be entitled to a proportion of $290m of bonds to be issued by an intermediate holding company of a successor entity called New Noble, 70%-controlled by creditors.
These will be subordinated to $1.2795bn of new "priority" bonds which will be issued by New Noble itself.
Crucially, however, the priority debt will only be issued to scheme creditors who elect to “risk participate” by agreeing to guarantee $700m of new trade finance and hedging facilities, the ruling said.
Investment bank Moelis has calculated that a non-participating creditor can expect to receive between 24.7% and 33.8% of its accepted claim, whereas a creditor who guarantees new finance will get between 47.4% and 58.4% for a risk participation of between 14.7% and 18.2%.
