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Noble says debt revamp schemes granted court sanctions

THE board of Noble Group said before trading opened on Thursday that the schemes of arrangement tabled for its debt revamp have been granted court sanctions.

The English Court sanctioned the English scheme on Tuesday while the Bermuda Court issued the order sanctioning the Bermuda scheme on Wednesday.  

Noble said its debt restructuring exercise is expected to turn effective on Nov 26.

In August this year, Noble shareholders approved the commodities firm’s restructuring plan, which proposed to hand over 70 per cent of its equity to senior creditors, 10 per cent to management and the rest to existing shareholders.

Noble’s shares closed at 8.8 Singapore cents on Wednesday, down 0.1 Singapore cent.

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