Noble Group says more than 75% of credit holders OK restructuring

SINGAPORE (Apr 13): Commodity trader Noble Group said on Thursday that more than 75% of creditors holding the majority of its senior debt have accepted its US$3.4 billion ($4.5 billion) restructuring plan.

“The company continues to engage in discussions with shareholders and the SGX on the restructuring,” said the Hong Kong-based firm.

Noble, which received more than 70% approval for its plan earlier this week, had said earlier that it would have to begin insolvency proceedings if the debt restructuring was not approved.

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