Noble Group shares tumble on debt restructuring plan
[SINGAPORE] Shares in Noble Group fell on Tuesday after it struck a deal with a group of creditors to restructure US$3.5 billion of its debt in exchange for 70 per cent of the firm, with existing equity holders'combined stake diluted to only 10 per cent.
In early Tuesday trade, Noble shares fell as much as 23 per cent to S$0.200, the lowest since Jan 22, and were last down 11.5 per cent at S$0.230.
Noble, which has made heavy job cuts, sold key assets, taken writedowns and raised funds after a crisis-wracked three years, said on Monday that the debt-for-equity swap was backed by 30 per cent of holders of its existing senior debt.
REUTERS
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