Noble Group exchange offer meeting lacks quorum, reset for Nov. 22

By Caroline Salls

Pittsburgh, Nov. 7 – Noble Group Ltd. said the first meeting of holders of existing securities for voting on an extraordinary resolution related to the company’s exchange offer and consent solicitation was adjourned on Wednesday because of a lack of a quorum.

According to a company news release, the second meeting to vote on the extraordinary resolution will be held on Nov. 22.

Since no quorum was achieved at the first meeting, Noble said the quorum requirements for the second meeting will be two or more persons present holding not less than one-quarter of the total principal amount of the company’s existing securities.

The exchange offer and consent solicitation will expire at 4 a.m. ET on Nov. 16.

Lucid Issuer Services Ltd. is the tabulation agent.

As previously reported, 2020 notes claims and Noble Group’s other senior unsecured debt will be released in exchange for new debt instruments and equity under the terms of scheme of arrangement proceedings filed in England and Bermuda.

Noble Group is a Hong Kong-based conglomerate that focuses on raw materials. The company filed bankruptcy on Oct. 17 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 15 case number 18-13133.

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