Harbour’s Tie-Up With Waldorf Cleared in Court Defeat for HMRC
The HM Revenue and Customs offices in London.
Photographer: Hollie Adams/BloombergHarbour Energy Plc is set to acquire Waldorf Production UK after a London court dismissed an objection to plans to write off most of Waldorf’s unpaid taxes.
The North Sea oil producer had made its acquisition conditional on restructuring Waldorf’s debt, including wiping out most of what it owes to His Majesty’s Revenue & Customs. In a ruling handed down on Tuesday, Justice Michael Green found that the plan was better for all creditors – including HMRC – than insolvency.