SINGAPORE — Commoditiestrader Noble Group is set to start implementinga long-awaited $3.5 billion debt-for-equity rescue restructuring on Wednesday, in a move that enables the scandal-hit company to avoid liquidation.
The Hong Kong-based and Singapore-listed company has been forced to resort to a form ofbankruptcy protection to carry out the plan, after the Singapore Exchange and other authorities earlier this month said they would not allow the new company to relist its shares.
Instead, Noble last week chose an alternative — a debt-for-equity swap under a court-appointed officer and no relisting. This plan was pre-approved by creditors and has now been accepted by a court in Bermuda, where the company is incorporated.
“The company and th…
Read the full article at: https://asia.nikkei.com/Business/Noble-set-to-implement-rescue-debt-restructuring-plan