Kvaerner has won approval from bondholders for a Nkr4.5bn (€562m) debt restructuring aimed at helping the troubled Norwegian engineering firm stave off bankruptcy.

The debt restructuring is part of a rescue proposal put forward in late November by Aker Maritime, the Norwegian oil and gas services group and Kvaerner's largest shareholder. Under the proposal, Aker's oil and gas services will be merged into Kvaerner's operations for a total consideration of Nkr3.6bn, including Nkr800m in assumed debt, which will be payable in shares.