Deals
Noble Group Frames Endgame: Deal, Administration, Chapter 11
- Trader responds to exchange queries on restructuring proposal
- Liquidation, administration possible should deal fall through
For Noble, It's 'Goldilocks' Versus the Three Bears
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Embattled commodity trader Noble Group Ltd. issued a defense of its planned restructuring, saying if shareholders vote down the plan it will probably enter insolvency proceedings in the U.K. or file for liquidation, such as Chapter 11 in the U.S., and existing equity holders risk being wiped out.
“If the primary restructuring is not approved by shareholders, the board will have no option but to put the company into insolvency proceedings,” the Hong Kong-based company said in a statement, responding to queries from the Singapore exchange. At present, the plan agreed with creditors needs approval by a simple majority of shareholders, it said.