DC Advisory advises the bondholder steering committee and bond trustee on the restructuring and sale of Waldorf Production to Harbour Energy plc

Background

• The Waldorf Production Group is an oil and gas exploration and production company with minority interests in a portfolio of fields across the UK Continental Shelf
• In June 2024, Waldorf Production’s parent company (TopCo) filed for administration due to liquidity pressures arising from, inter alia, the Energy Profits Levy regime and limited access to external funding
• The Waldorf Production’s initial Restructuring Plan was rejected by the English High Court in July 2025
• In August 2025, Waldorf Production received a non-binding offer from Harbour Energy to acquire certain entities, conditional upon the implementation of a debt restructuring transaction
• Harbour Energy plc is a London-listed independent oil and gas company with operations across the UK Continental Shelf and internationally

Process

• Following the administration filing of TopCo, DC Advisory was appointed as exclusive financial advisor to a steering committee of bondholders on behalf of Nordic Trustee
• Upon engagement, DC Advisory advised on the structuring and negotiation of an emergency bond in fewer than ten days to address Waldorf’s liquidity needs
• Against a uniquely uncertain backdrop, DC Advisory structured and negotiated the sale of Waldorf to Harbour Energy, implemented through precedent-setting processes and linked English and Scottish Restructuring Plans under Part 26A
• The multi-party negotiations involved the buyer and three different junior creditor groups at different entities 

Outcome

• In December 2025, Waldorf Production UK plc launched an English Restructuring Plan, which was sanctioned by the High Court in early May 2026 despite strong opposition from a dissenting creditor
• In January 2026, Waldorf CNS(I) Limited launched a Scottish Restructuring Plan, which was approved in late May 2026
• The process included a several-day mediation, an expedited capital raising, multiple contested court hearings, and a potential appeal to the UK Supreme Court
• This transaction further demonstrates DC Advisory’s expertise in advising on complex, high-profile, and contested in-court restructurings