Noble chairman pleads for shareholder support to stay afloat

SINGAPORE (Apr 19): Noble Group is currently in default on US$3.4 billion ($4.5 billion) of its financial debt obligations and the group can only survive with the support of its creditors, says chairman Paul Brough in an open letter to shareholders on Wednesday.

See: Noble Group sweetens debt restructuring deal, gets founder's backing

Noble's restructuring support agreement (RSA), which involves a debt for equity swap, has already won the backing of over 83% of holders of its senior debt, but needs a majority of its shareholders to approve the restructuring.

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