Noble Group Ltd won approval on Monday from a majority of shareholders for a $3.5 billion debt restructuring plan that should ensure the survival of what was once Asia’s biggest commodity trader.
Faced with the prospect of the company’s insolvency, shareholders reluctantly backed a debt-for-equity swap that will leave them with ownership of just 20 percent of the business, while handing majority control to a group of creditors comprised mainly of hedge funds.
“Today, the decision to avoid liquidation rests in your hands,” Noble Chairman Paul Brough told shareholders …
Read the full article at: https://www.cnbc.com/2018/08/27/noble-group-shareholders-approve-3point5-billion-debt-restructuring.html