(Bloomberg) Noble Group Ltd. reached an in-principle deal to restructure $3.5 billion in debt, saving the troubled commodity trader from bankruptcy at the cost of handing control to creditors and all but wiping out current shareholders. After a three-year crisis marked by massive losses, writedowns and controversial accounting, Noble management, bank creditors, and bondholders reached an agreement that will convert half of the debt — roughly $1.7 billion — into new equity, the company said on Monday.
Noble Group Reaches In-Principle Deal to Restructure Debt
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