Noble Group has agreed on a restructuring deal with a group of senior creditors that would halve its existing debt and leave current shareholders with 10% of the restructured company, according to a statement from Noble on Monday January 29.
Under the agreement, a group of senior creditors representing 30% of Noble's bonds and revolving credit facility will exchange their debt for a combination of new debt instruments and equity in the restructured group. The creditors will also provide the group with a three-year committed trade finance and hedging facility of up to $700 million for its commodity trading business. A new company will hold all of Noble's businesses and assets. It will...