Following talks between Noble and a group of senior creditors, the company said all its existing shareholders would now be allocated 15 percent of equity in a new company called New Noble as part of its key debt-for-equity swap.
Under the previous proposal, Noble's shareholders were being offered 10 percent equity and additional equity subject to various conditions. This had been criticised by some shareholders and Elman, who holds about 17.9 percent of Noble.
Elman had resigned from the board last month, citing differences with creditors and the board. - Reuters
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