Noble, which has been struggling to secure shareholder approval to restructure its US$3.5 billion of debt, had asked for a trading halt on Monday pending an announcement.

Abu Dhabi-based Goldilocks Investment Co Ltd, which holds 8.1% of Noble, had been resisting a plan to restructure Noble that proposed halving the firm’s debt in return for handing over 70% of equity to senior creditors, with shareholders getting 15%.

“By reaching an agreement with Goldilocks, the Company is now able to move into the final stages of its restructuring and looks forward to executing the restructuring support agreement (RSA),” Chairman Paul Brough said in a statement.

Debt restructuring is seen as crucial for the survival of Noble, which has already sold billions of dollars of assets, taken hefty write-downs and cut hundreds of jobs over the past three years.

Goldilocks had filed complaints and lawsuits against Noble, arguing that the planned restructuring protected creditors at the expense of shareholders.

Goldilocks will be entitled to nominate one person to the board of directors in the restructured group, Noble said on Wednesday.

Noble said the remaining equity in the new restructured company would be 70% held by senior creditors and 10% by management.

The commodity trader had improved the terms of its controversial debt restructuring deal, saying in April all existing shareholders would get a 15% stake in the restructured firm, replacing a previous proposal under which they would receive 10%.