Law360 reported a bankruptcy court judge signed off on a pact between Hercules Offshore and its largest creditors to allow the oil and gas drilling services company to move toward rapid confirmation of its Chapter 11 plan of reorganization.

As previously reported, Hercules Offshore announced in August 2015 that it filed a pre-packaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code to continue its financial restructuring of the company. The company anticipated that the reorganization would conclude in approximately 45 to 60 days.

Law360 noted that Judge Kevin J. Carey signed an order allowing Hercules to assume the reorganization support agreement it reached with a majority of senior noteholders to convert $1.2 billion in debt into new Hercules stock.

Houston, TX-based Hercules Offshore operates a fleet of 27 jackup rigs, including one rig under construction, and 21 liftboats.