Noble Group publishes explanatory statement for restructuring scheme meetings

NOBLE Group said on Wednesday that it has published its explanatory statement for its financial restructuring scheme, following its Tuesday announcement that it had gained permission to convene scheme meetings in London and Bermuda on Nov 8.

Noble said its information agent, Lucid Issuer Services, will provide all known scheme creditors with a copy of the explanatory statement, including the terms of the schemes, notice of the scheme meetings, and voting and proxy forms.

Scheme creditors can also access these documents at www.lucid-is.com/newnoble or in person upon request at Lucid's office in London.

Scheme creditors are to submit their voting forms by 5pm London time on Nov 5, or notify the chairman of their vote at the scheme meetings. They are also to decide whether to risk participate in a portion of Noble's US$625 million new money debt by 5pm London time on Nov 14, with those who wish to risk participate having to complete the necessary steps by 5pm London time on Nov 20.

In August, Noble shareholders approved the commodities firm's controversial restructuring plan, under which the firm will hand over a bulk or 70 per cent of the equity to senior creditors, 10 per cent to management and the rest to existing shareholders.