Noble Group frames the endgame: Deal, administration or Chapter 11

(Mar 26): Embattled commodity trader Noble Group issued a defense of its planned restructuring, saying if shareholders vote down the plan it will probably enter insolvency proceedings in the UK or file for liquidation, such as Chapter 11 in the US, and existing equity holders risk being wiped out.

“If the primary restructuring is not approved by shareholders, the board will have no option but to put the company into insolvency proceedings,” the Hong Kong-based company said in a statement, responding to queries from the Singapore exchange. At present, the plan agreed with creditors needs approval by a simple majority of shareholders, it said.

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