Telecoms equipment group Marconi is on the brink of completing a life-saving restructuring after creditors backed the financial overhaul.
The scheme, which has taken a year to negotiate, will see £4 billion of debt swapped for cash, loans and shares in a new company called Marconi Corporation.
Existing shareholders will be left with virtually nothing.
Creditors groups overwhelmingly backed the proposals, with those owed 99.98% of Marconi's outstanding debt voting in favour.
The approval paves the way for shares in the new company to begin trading on May 19 - a week after a UK court hearing to sanction the moves is due to begin.
Marconi chairman John Devaney said: "The overwhelming support received from our creditors today demonstrates clearly that they share our belief in the inherent value of Marconi as an ongoing business.
"We now move on to achieving the final legal approvals from both the UK and US courts, which will clear the way for the re-listing of Marconi."
The company was forced into the restructuring after it ran up billions of pounds of debts in an acquisition spree at the height of the telecoms boom.
Under the agreed scheme, creditors will take 99.5% of shares in the new company, leaving shareholders with half of 1%.
A waiver from the UK Listing Authority means Marconi does not require shareholders' consent for the restructuring.