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Noble Group Shareholders Approve $3.5B Debt Restructuring

by reuters.com posted 8months ago 54 views
* Shares halted on Monday pending company announcement (Recasts with results of shareholder vote): SINGAPORE (Reuters) - Noble Group Ltd (NOBG.SI) won approval on Monday from a majority of shareholders for a $3.5 billion debt restructuring plan that should ensure the survival of what was once Asia’s biggest commodity trader. Faced with the prospect of the company’s insolvency, shareholders reluctantly backed a debt-for-equity swap that will leave them with ownership of just 20 percent of the business, while handing majority control to a group of creditors comprised mainly of hedge funds.

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