UK-listed Hurricane Energy said that the High Court of Justice of England and Wales has not sanctioned the company’s restructuring plan.

The existing board of the financially troubled West of Shetland operator is considering all options, including an appeal.

Hurricane Energy said on Monday that unless the company or the ad hoc committee successfully appeals the judgment, the restructuring plan will not be implemented.

“The company’s convertible bondholders have certain rights under the terms of the convertible bonds which, if enforced, could result in an acceleration of the convertible bonds and ultimately an insolvent liquidation of the company. As a result, there is a significant risk of no value being returned to shareholders,” Hurricane Energy said in a statement.

The company also noted that a number of its shareholders were against the restructuring plan and that they wish to elect new directors at the upcoming meeting on June 30, 2021.

If this takes place, Hurricane Energy said the company’s nominated adviser is likely to resign, which may result in the shares of the company being de-listed if a replacement is not in place within one month.

Hurricane Energy was founded in 2004 and has drilled 11 wells across its licences since 2009, including five on the Lancaster field.