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Creditors approve Noble restructuring

Hong Kong’s Noble Group revealed yesterday that more than 75% of creditors holding the majority of its senior debt have accepted its $3.4 billion restructuring plan.

The company said it was confident more creditors would support its restructuring and that it was still holding discussions with shareholders and the Singapore Exchange about implementing the process.

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.

Under the plan, the slimmed down group, dubbed New Noble, will focus on its hard commodities, freight and LNG businesses once the restructuring is complete.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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