Noble Group to hold special meeting to back restructuring on Aug. 27

New York, Aug. 9 – Noble Group Ltd. will hold a special general meeting on Aug. 27 at which shareholders will be asked to approve a financial restructuring, according to a news release.

A circular will be sent to shareholders on Friday.

The company said that holders of more than 30% of its share capital and more than 42% of its perpetual capital securities have given irrevocable undertakings to support the plan and that holders of more than 86% of its notes and its revolving credit facility lenders have joined the restructuring support agreement (RSA).

“The board believes that the RSA represents the best and most fair deal for all parties and

the best way to preserve the residual value in the company for all stakeholders,” said Paul Brough, chairman of the company, in a news release.

“It is now critical that we complete the restructuring as soon as possible, to enable the group to once again operate with a sustainable capital structure and to focus on capitalizing on the growing opportunities in the

Asian commodities markets.”

The restructuring requires a majority of the shareholder votes cast at the meeting in order to pass.

In addition, creditors of 75% by value must support the restructuring at scheme meetings.

Noble will also hold a special general meeting on Aug. 27 to approve the disposal of vessels that was previously announced.

Hong Kong-based Noble Group manages global supply changes for industrial and energy products.

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