| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for Noble Group Ltd. > News item |
Noble Group completes restructuring, notes swapped into equity
Chicago, Dec. 19 – Noble Group Ltd. announced it completed its restructuring on Dec. 20, giving creditors 70% of the equity of the new company.
The restructured company, Noble Group Holdings Ltd., obtained an $800 million trade and hedging facility, according to announcements from the company.
Existing notes were cancelled on Dec. 20 and delisted from the SGX-ST. New asset company bonds, new trading company bonds, new trading hold co bonds and the senior creditor SPV shares have been issued to scheme creditors and all scheme claims have been released.
The settlement date for the perpetual capital securities exchange offer is Dec. 21. All existing perpetual capital securities are expected to be exchanged for new perpetual capital securities issued by the new Noble Group Holdings on that day.
The deadline for scheme creditors to elect whether to risk-participating in new money debt is now Jan. 14.
Scheme creditors who choose to risk-participating in the $625 million total senior creditor risk participation amount are entitled to receive tranche B New Asset Co. bonds and New Trading Co. bonds in exchange for a portion of their scheme claims, as previously reported.
Noble Group Holdings now owns all the assets of Noble Group.
Shares in the restructured company are divided among a Senior Creditor SPV, which holds 70%, shareholders of the former company, who have 20%, and a Management SPV, which has 10%.
Paul Brough will be the chairman of the company until a successor is appointed.
The board will include directors appointed by Goldilocks and the creditors, management representatives and independent non-executive directors who continue from the former company’s board to provide continuity. Noble is still considering the composition, which will take “further time” to finalize.
Noble Group is a Hong Kong-based conglomerate that focuses on raw materials.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.