Noble Group's shareholders vote in favour of debt revamp

A signage of Noble Resources, a Noble Group subsidiary, is pictured at their premises in Singapore, in this March 6, 2015 file photo. - Reuters

SINGAPORE: Embattled commodity trader Noble Group Ltd. took a significant step toward getting its $3.5 billion debt-for-equity restructuring over the line after shareholders voted to back the controversial proposal at a special general meeting in Singapore.

The plan was approved by 99.96 percent of votes cast, according to figures from the company displayed at the meeting. Before the gathering, the trader had said about a third of its shareholders, including founder Richard Elman, were already committed to supporting the rescue.