Noble reaches deal with creditors

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.

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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