Harbour Energy set to acquire Waldorf Production UK after court clears restructuring
Updated
Updated · Bloomberg · May 5
Harbour Energy set to acquire Waldorf Production UK after court clears restructuring
14 articles · Updated · Bloomberg · May 5
London's High Court rejected HMRC's challenge on Tuesday, with Justice Michael Green backing a plan to write off most of Waldorf's unpaid tax debts.
Harbour had made the deal conditional on restructuring Waldorf's liabilities, and the judge said the proposal offered a better outcome for all creditors than insolvency.
The ruling removes a key obstacle to the North Sea producer's tie-up with Waldorf Production UK and marks a court defeat for the UK tax authority.
Why did a UK court approve a £60M tax write-off to facilitate an oil company's acquisition?
Is UK law enabling corporations to erase massive tax debts through court-approved restructuring plans?
Do tax-advantaged oil deals in the North Sea threaten the UK's shift to cheaper renewable energy?