PGS has clinched an agreement to delay instalments and maturity of debt totalling $1.2bn.
But legal action remains a possibility if the Norwegian seismic survey vessel owner cannot bring a minority of rebel banks on board.
PGS called the agreement in principle an "important milestone".
All lenders involved in its $300m export credit facilities have signed up, as well as 81% of banks in its $350m revolving credit facility (RCF) and 62% of those involved in its $520m term loan B facility (TLB).
PGS now plans to ask all remaining lenders to approve the deal.
But the shipowner hinted at legal battles ahead if it cannot bring all lenders in line.
Talks to continue
"The company will continue working to achieve support from the required lenders under the RCF and TLB," PGS said.
"However, if such support is not ultimately achieved, the company has agreed with the supporting lenders under the RCF and TLB to seek implementation by use of available alternative legal restructuring procedures."
Under the agreement, there will be no debt maturities and no scheduled debt amortisation until September 2022.
The first sum due is $135m under the RCF, which was originally due on Friday.
PGS has a forbearance agreement in place for this amount to prevent any action under default.
And the company is in dialogue with its export finance lenders to stop any cross-default arising.
PGS will also sell NOK 116m ($12.4m) of three-year, 5% convertible bonds.
These can be converted into stock at NOK 3 per share up to a maximum of 38.7m shares, equalling 10% of the equity.
Revolver and term loan lenders will have a preferential right to subscribe to the deal.
PGS said its operations continue as usual.
Time used wisely
Last week, the company gained until this Friday to agree a deal during what it called a "dramatic negative market change" due to the Covid-19 pandemic.
In June, the company said it was laying up three vessels and making 40% of staff redundant as demand for its services shrank.
PGS then started lender talks in July in a bid to preserve liquidity.
The seismic vessel owner at that point raised the threat of loan defaults if it was not able to push back its repayment profile.
The Oslo-listed company reported a $111m bottom-line loss in the second quarter, which more than doubled the $48.9m in red ink reported a year earlier.
Also in July, a unit of US banking giant Goldman Sachs filed papers with the Oslo Stock Exchange revealing that it controls a 13% stake in PGS.
