Goldilocks says Noble's restructuring plans 'doomed to fail' unless group addresses proposal flaws

SINGAPORE (Apr 6): Goldilocks Investment Company, which owns an 8.1% stake in commodities trader Noble Group, says the latter’s currently proposed debt restructuring plan is “doomed to fail” unless it is redesigned to address a number of “serious flaws”.

In a press statement on Friday, the Abu Dhabi-based fund starts off by applauding Singapore Exchange Regulation’s (SGX RegCo) announcement yesterday stating that how Noble shareholders vote should not affect their share entitlement in the new company under the group’s restructuring plan.

It also echoes SGX RegCo’s position that Noble’s senior creditors should reconsider the current restructuring proposal to ensure parity in the treatment of all shareholders.

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