Creditors have backed Noble Group's latest restructuring plan as it revealed a vastly reduced loss in the third quarter.
The Singapore-listed trader and bulker owner said the English and Bermudan court schemes were overwhelmingly backed at meetings last week.
The UK high court has indicated that it will make an order sanctioning the English scheme on Tuesday.
This will be filed with Companies House in the UK.
A decision in the Bermuda court is due on Wednesday.
The company's three-month net loss was $98.58m, against $1.17bn in 2017 when it was hit by big restructuring costs.
Revenue dipped to $1.2bn from $1.46bn a year ago.
Liquidity limiting earnings
Performance continued to be impacted by the ongoing constraints on liquidity, as well as the availability of competitive trade finance to support operations.
The group was also hit by restructuring expenses, debt-servicing costs and losses from discontinued operations.
The company has been seeking to reorganise debt of $3.5bn, but other claims could push this to $4.2bn.
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.
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%.
