The capital from Castle HoldCo 4 would result in Countrywide’s debt being reduced to £175m.
The scheme was first announced on February 17 and led to Standard & Poor’s lowering its long-term corporate credit rating on Castle HoldCo 4 from ‘CCC’ to ‘SD’.
It is expected that the scheme will be completed during Q2 of this year.
A statement from Castle HoldCo 4 reads: “The company announces today that the independent committee of the board has, together with its financial adviser, completed its review of a proposed Scheme of Arrangement to restructure the company’s balance sheet.
“Following this review the independent committee confirms it considers that, if implemented, the scheme would create a stable and sustainable capital structure for the company to address the significant market uncertainty currently facing it.”