The scheme will provide the firm with £75m of fresh capital in a bid to tackle its debt, which currently stands at £175m.
The scheme was approved by a Noteholder Group comprising both Senior Secure Notes and Senior Notes, it includes the repayment in full of the company’s revolving credit facility and related hedging liabilities.
The scheme is to be filed in March and completed in the second quarter.
Countrywide has recently had to take on three more private equity backers after falling into £740m of debt following its acquisition by buyout specialists Apollo.
Alchemy Partners, Oaktree Capital and hedge fund Polygon all took stakes ahead of the announced restructuring last week.
It is understood that the three firms are putting up the £75m in tandem with Apollo.