Investing.com -- British oilfield services provider Petrofac (LSE:LON: PFC ) announced on Tuesday that it has received High Court approval for its restructuring plan.

This approval will unlock $355 million in funding which will be used to significantly reduce the company’s debt.

Petrofac faced a challenging period for most of last year, grappling with cost overruns and payment delays.

This led to the issuance of multiple profit warnings throughout the year.

The approval of the restructuring plan by the High Court marks a significant step in Petrofac’s efforts to stabilize its financial situation.

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