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Noble Group changes debt restructuring deal, gets founder's backing


SINGAPORE: Singapore-listed Noble Group announced on Monday a "simplified structure" to its controversial $3.4 billion debt restructuring deal and said this had won the support of its founder and biggest shareholder, Richard Elman.

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.

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