Noble Group's shareholders vote in favour of debt restructuring

(Aug 27): Embattled commodity trader Noble Group took a significant step toward getting its US$3.5 billion ($4.8 billion) debt-for-equity restructuring over the line after shareholders voted to back the controversial proposal at a special general meeting in Singapore.

The plan was approved by 99.96% of votes cast, according to figures from the company displayed at the meeting. Before the gathering, the trader had said about a third of its shareholders, including founder Richard Elman, were already committed to supporting the rescue.

The vote will enable Noble to press on with the deal’s final stages, and could allow it to move beyond years of crisis that’ve been marked by a default, billions in losses, and criticism of its accounts, which it’s rejected. The plan had been the subject of a heated dispute between Chairman Paul Brough and shareholder Goldilocks Investment Co. before its terms were amended and the two forged an agreement after facing off in court. The trader still faces opposition from foe Iceberg Research, which wants to halt the proposal.

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