BG Group Plc’s Argentine natural-gas distribution unit Metrogas SA, which filed for bankruptcy protection in 2010, won court approval to proceed with its $250 million debt restructuring.
The plan, backed by creditors holding about 90 percent of Metrogas’ debt, received authorization from federal judge Cristina O’Reilly in Buenos Aires, the company said in a regulatory filing today.
The deal, which includes swapping bonds for new debt maturing in 2018, wasn’t challenged by any of the remaining 10 percent of creditors, according to court records.
BG controls Metrogas through a 55 percent stake in parent holding company GASA. YPF SA owns 45 percent of GASA.