Noble Group's creditors in driver's seat as group seeks deal to cut debt

SINGAPORE (Jan 30): Shares in Noble Group slumped 13% on Tuesday after the battered commodity trader proposed a deal under which existing shareholders' equity would be nearly wiped out, while the restructured company would have much lower debt.

"This debt for equity swap was something that ought to have been done a long time ago," said Justin Tang, head of Asian research at United First Partners, a special situations investment and advisory group.

"There seems no other choice but for stakeholders to acquiesce," he said.

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