NOBLE Group Ltd says it intends to push through its mammoth debt-for-equity restructuring by an “alternative process,” signalling it’s likely to file for insolvency in a move that could wipe out existing shareholders and may put its remaining business at risk.
The company may implement the restructuring through a court-appointed officer, the trader said yesterday after Singaporean regulators halted a key element of the first-choice plan – allowing shares in the new corporate entity to be listed in the city-state. The statement didn’t give further details.