Embattled Hong Kong commodities trader Noble Group has managed to sign a binding restructuring support agreement (RSA). The proposed restructuring, due to be completed by the end of July, would see all of the existing senior claims and certain other unsecured liabilities exchanged for a combination of new debt instruments and equity. 46% of creditors have approved the plan to date, Noble said, with more expected to sign up soon.
Under the plan announced today, the slimmed down group, dubbed New Noble, will focus on its hard commodities, freight and LNG businesses once the restructuring is complete.
Paul Brough, chairman of the group, commented: “I would like to thank all stakeholders for their continued support as we enter into the concluding phase of our restructuring process and the creation of New Noble, well positioned to capitalise on strong Asian growth trends.”
In other big news surrounding the restructuring, the company also said it is looking to move Noble’s “center of main interests from Hong Kong to the United Kingdom, subject to appropriate tax and other due diligence”.