NEW YORK Embattled commodity trader Noble Group is on track to complete its mammoth restructuring deal after a Bermuda court approved an officer to carry out the plan, using a local kind of insolvency process.
In a brief court hearing last Friday, the judge called the company insolvent and allowed a court-appointed officer to oversee the restructuring.
The green light from the Bermuda court will allow Noble to avoid liquidation after its preferred restructuring plan was scuppered at the last moment by a probe from Singapore regulators. It means that Noble could emerge from restructuring as soon as this week after more than a year of hard-fought negotiations over its US$3.5 billion (S$4.8 billion) debt pile.
The Bermuda court process …
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