It has emerged that last week embattled Hong Kong commodities house Noble Group sought Chapter 15 bankruptcy protection at a court in New York in a bid to shield its assets from creditors while it pursues a $3.5bn debt restructuring plan.
Noble is asking a hearing to be scheduled on November 16 in New York.
Under Noble’s revised restructuring deal, shareholders will receive 20% of the equity in the new restructured company, which will form a strategic partnership with the parent company of shareholder Goldilocks, Abu Dhabi Financial Group.
Once Asia’s largest commodities group Noble has been rocked by allegations of accounting fraud in the last couple of years.
