Kvaerner, the Norwegian engineering firm, which will now be able to draw on the proceeds from its Nkr2bn (€251m) direct equity offering, appears to have staved off bankruptcy after securing approval from all parties for its proposed debt restructuring.

Kvaerner said that with the delayed signing on Tuesday of an inter-creditor agreement by its lenders, all of the necessary documentation for its debt restructuring has now been completed. The company's bondholders and shareholders approved the plan in mid-December.