HONG KONG: Noble Group Ltd has signed an agreement with a group of senior creditors to reorganise about US$3.5bil of debt, marking further progress in a deal that will halve the company’s debt and give creditors control of the embattled commodity trader.
The ad hoc group of creditors that signed a binding restructuring support agreement holds 46% of its senior debt, Noble Group said in a Singapore stock exchange filing yesterday. Deutsche Bank AG has also signed up to the plan, while ING Bank NV is in process of acceding to it. Both lenders own 4% of the senior claims, it said.