April 12, 2018 / 1:53 PM / a year ago

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

FILE PHOTO: An employee is reflected on the wall as she walks past a signage of Noble Resources, a Noble Group subsidiary, at their premises in Singapore March 6, 2015. REUTERS/Edgar Su/File Photo

(Reuters) - Commodity trader Noble Group Ltd (NOBG.SI) said on Thursday that more than 75 percent of creditors holding the majority of its senior debt have accepted its $3.4 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 percent 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.

Last week, Singapore Exchange’s regulatory arm had asked Noble’s senior creditors to assess the beleaguered commodity trader’s restructuring plans to “ensure parity in the treatment of all shareholders”.

Once Asia’s biggest commodity merchant, Noble was plunged into crisis in February 2015 when Iceberg Research questioned its books. Noble has defended its accounting.

Reporting by Aditya Soni in Bengaluru; Editing by Bernard Orr

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