RE: Buys20 Jun 2018 06:01
Embattled commodity trader Noble Group on Wednesday said its shareholders would receive 20 percent of the equity in the company after restructuring, and that Goldilocks Investment Co would support the revised plan.
Noble, which has been struggling to secure shareholder approval to restructure its $3.5 billion (£2.6 billion) of debt, had asked for a trading halt on Monday pending an announcement.
Abu Dhabi-based Goldilocks Investment Co Ltd, which holds 8.1 percent of Noble, had been resisting a plan to restructure Noble that proposed halving the firm's debt in return for handing over 70 percent of equity to senior creditors, with shareholders getting 15 percent.
"By reaching agreement with Goldilocks, the Company is now able to move into the final stages of its restructuring and looks forward to executing the restructuring support agreement (RSA)," Chairman Paul Brough said in a statement.