Noble Group Says Shareholders Risk Wipeout Should Plan Fail – Bloomberg

Embattled commodity trader Noble Group Ltd. issued a defense of its planned restructuring, saying that if shareholders vote down the plan, it will probably enter insolvency proceedings in the U.K. 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.