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.
