Deals
Noble's Marathon Revamp Nears Finish After Goldilocks Deal
- Existing shareholders to get 20% stake in restructured firm
- Trader moves to ‘final stages’ of restructuring, Brough says
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Embattled commodity trader Noble Group Ltd. has won over a major opponent of its make-or-break restructuring plan, ending months of accusations and lawsuits. Shares rallied more than 60 percent.
Dissident shareholder Goldilocks Investment Co. has given its irrevocable support to the $3.5 billion debt-for-equity proposal after Noble agreed to grant existing shareholders 20 percent of the revamped company, up from 15 percent previously, the trader said in a statement Wednesday. The two agreed to stop fighting each other in court.