Noble Group's shares soar as creditor backing for deal tops 75%

(Apr 13): Noble Group Ltd.’s shares surged more than 60% after senior creditor support for the company’s restructuring passed a key threshold, removing one source of uncertainty from the controversial deal on which the trading house’s survival depends.

More than 75% of Noble Group’s senior creditors have signed the restructuring support agreement, which would see the commodity trader’s debt cut in half and its creditors take control, according to the company.

The deal is crucial to Noble’s survival. Without it, the trader would be forced into liquidation, it said last month. The 75% threshold is important, because it is the level of approvals the company needs from creditors to implement the accord under a planned scheme of arrangement.

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