Dry CargoGreater China
Noble reaches deal with creditors
Commodities firm Noble Group has come to an agreement with creditors to restructure $3.5bn of its debt in exchange for 70% of the company, with existing equity holders’ combined stake diluted to only 10%.
Noble, which has massively shrunk its operations in recent years in a bid for survival, said that the debt-for-equity swap was backed by 30% of holders of its existing senior debt.
“This agreement marks the beginning of the final phase of our restructuring and the creation of a new Noble as a focused and appropriately financed group set to capitalize on the high-growth Asian commodities sector,” Paul Brough, Noble’s chairman, said in a statement.