January 29, 2018 / 10:24 AM / 21 days ago

Noble Group says reaches in-principle deal for debt restructuring

SINGAPORE, Jan 29 (Reuters) - Struggling commodities trader Noble Group Ltd said on Monday that it had reached an in-principle agreement with a group of senior creditors for a restructuring of its debt.

The in-principle agreement was reached with an ad hoc group of creditors representing about 30 percent of its senior debt instruments and will reduce Noble’s existing senior debt instruments to $1.7 billion from $3.4 billion, the company said in a statement.

Noble was once a global commodity trader with ambitions to rival the likes of Glencore and Vitol. Now it has shrunk to its Asian roots as a hard commodities player after a crisis-wracked three years forced it to slash jobs and sell its key assets - some at losses - to cut debt. (Reporting by Aradhana Aravindan; Editing by Gopakumar Warrier)

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