Deals
Noble Group Strikes Restructure Deal With Lenders: Debtwire
- Agreement involves debt-to-equity swap and a new investor
- Trader’s bonds extend rally to highest levels since May
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Noble Group Ltd. has reached the outline of an agreement with its creditors to restructure about $3.5 billion in debt, paving the way for an investor to take a controlling stake in the company, Debtwire reported Thursday, citing sources it didn’t identify.
The agreement with bondholders and lenders was reached after meetings in London earlier this week, according to Debtwire. If implemented, the plan would give Noble access to working capital at a cheaper cost, and allow creditors to cash-in on shares obtained from a debt-to-equity swap via a sale to the strategic investor, it said.