Deals
Noble Group Signs Debt Restructure Agreement
- Trader revises deal for shareholders, perpetual noteholders
- Noble has support from creditors holding 46% of senior debt
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Noble Group Ltd. told disgruntled investors it would file for administration in the U.K. if they block a revised restructuring plan that marginally sweetens the terms for its current shareholders from an original proposal in January.
The embattled commodity trader on Wednesday announced a binding agreement with 46 percent of its senior creditors, just days before a crucial bond maturity. Under the new terms, Noble will still hand control of the company to its creditors, which include several large hedge funds, while giving existing shareholders and some junior creditors a slightly revised deal.